Greenford based currency exchange service provider – Touma Foreign Exchange Limited fined £7.8 million by HM Revenue and Customs for breaking AML rules. It has been reported that exchange has failed to pass a vetting test to check for eligibility for the business.
The exchange breached the rules on risk assessment and record-keeping, policies, controls and procedures, customer due diligence measures, and adequate staff training between June 2017 and September 2018.
Metropolitan police and HMRS officers seized evidence of money laundering and executed 12 addresses in the western part of London during a crackdown (*in July).
The founder of the exchange Hassanien Touma was banned on 20 May 2019 from any management roles at a business governed by AML regulations.
Source – MyLondon