Thursday, October 30, 2008

FSA Fines SHL Over Money Laundering Controls Failures

Looks like the recent news of the FSA fining Sindicatum Holdings Limited is all over the websphere. I came across this post on Bridging & Commercial in which they discuss how the Financial Services Authority gave the company a £49,000 fine, and gave an additional fine of £17,500 to Michael Wheelhouse, as the company’s money laundering reporting officer.

This fine was put in place because the FSA found inadequate anti-money laundering systems and controls that the company currently has in use for verifying and recording clients’ identities. This marks the first time that the FSA has fined a money laundering reporting officer. Head of retail enforcement at the FSA, William Amos, mentions:

"This fine is a warning to firms and individuals about the importance of complying with our rules in this area and we will not hesitate to clamp down on failures, where necessary."

Will this sudden penalty at SHL convince other companies to tighten up on AML protocols and controls?

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