UK Announces Penalties for Money-Laundering Violations

The United Kingdom issued four penalties against companies for violating U.K. money-laundering regulations this year, including the largest-ever fine issued by the country’s revenue and customs agency, a Jan. 7 news release said. The fines include a record $32 million-equivalent penalty against MT Global Ltd Money Service Business, a money-transfer company, the U.K. said. The other penalties include a fine worth about $9,000 against Robert Holmes & Co., a fine worth about $7,000 against Landmark Sales and Lettings Ltd Estate Agency Business and a fine worth about $3,300 against Company Address Services Ltd Trust or Company Service Provider. The penalties stem from due diligence and risk assessment “failures” relating to money-laundering violations. The U.K. also published a list of 13 companies with suspended or canceled business registrations due to violations.