On 3rd October 2023 the Times & other newspapers reported that the Financial Conduct Authority had fined the British broking division of Archer-Daniels Midland for "inadequate" anti-money laundering controls. They had expressed concerns about the firm's anti-money laundering controls first in 2014, but on a later visit found that no remedial action had been taken.
Failings included that customer risk assessments that were “basic”; a company-wide money laundering risk assessment was not conducted; little evidence was found to support adequate monitoring with periodic customer reviews; and outdated policies that referred to old legislation were discovered.
The FCA imposed a fine of £6.5 million.
AML Help for FCA Regulated firms
We will work with SME businesses (primarily Fintechs and start-ups) in the following sectors in the UK:
Feel free to contact us, ideally by using the 'How can we help you?' form below.
Other AML Support for Financial Services Firm
We can also help with FCA Licencing or Registration