ADM Investor Services International Limited (ADMISI), a broker, was fined 647 for inadequate anti-money laundering (AML) systems and controls..060,000 pounds。

The nature of ADMISI's business and customer base have a potentially high risk of money laundering because of its business model, the geographical location of its customers, the proportion of business involving high-risk customers, and the presence of political public figures among its customers.。

The FCA raised concerns with ADMISI in 2014 about its anti-money laundering system, including the lack of a formal process for classifying customers by risk.。FCA WANTS ADMISI TO IMPROVE。

However, during a company visit in 2016, the FCA found that there were still major missteps.。In particular:

● The company's anti-money laundering customer risk assessment is very basic and cannot assess the customer's financial crime risk.。

:: The company did not conduct a company-wide money laundering risk assessment.。

● Little evidence of adequate ongoing monitoring in the form of periodic reviews of customers。

● Policies are outdated and invoke old regulations。

After a 2016 visit, ADMISI agreed not to accept business from high-risk customers in order to reduce the requirement that companies be used to launder money or finance crime.。At the end of October 2016, ADMISI introduced anti-money laundering policies and procedures to address the issues identified.。After taking further remedial measures, the relevant requirements were lifted in January 2018.。

The company did not contest the FCA's findings and exercised its right under the FCA's partially contested case process to request the FCA's regulatory decision-making committee to assess the appropriate level of penalties.。The company agreed to accept the FCA's findings, meaning it was eligible for a 30% discount on the settlement.。Otherwise, the FCA will impose a fine of £9,243,738.。