FCA Fines Broker £6.5m for AML Breaches

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was not conducted; little evidence was found to support adequate monitoring with periodic customer reviews; and outdated policies that referred to old legislation were discovered.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:

  • Payments
  • Open Banking
  • Crypto
  • Money Remittance
  • FX Exchange

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Other AML Support for Financial Services Firm

MLRO Reviews & Reports

MLRO Support Retainer - Financial Services

AML Training

We can also help with FCA Licencing or Registration

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