HM Revenue & Customs has issued a record £23.8m fine to a money services business for “significant” anti-money laundering regulation breaches

The United Kingdom supervisor yesterday published its latest list of businesses fined for breaching regulations.

It handed a £23.8m penalty to MT Global Ltd for breaches relating to risk assessments and associated record-keeping, policies, controls and procedures and “fundamental” customer due diligence measures. The breaches happened between July 2017 and December 2019.

The fine is the largest issued by HMRC since it was founded nearly 16 years ago.

The three other companies on the list for 2020/21 were served with much lower penalties, ranging from £6,591 to £2,500.

HMRC supervises more than 30,000 businesses across the UK, including 1,500 principal money service businesses (MSBs).

Topics