ADM Investor Services fined $7.8 million for anti-money laundering failures, ET LegalWorld | Court Practice News

Britain’s Financial Conduct Authority said on Monday it has fined broker ADM Investor Services International Limited 6.47 million pounds ($7.88 million) for “inadequate” anti-money laundering systems and controls.

“ADM Investor Services’ failures put it at risk of being used to facilitate financial crime. These failings continued even after the firm had received clear warnings on the need to improve its systems,” Therese Chambers, FCA joint executive director of enforcement and market oversight, said in a statement.

The FCA said ADM did not dispute the FCA’s findings, which meant it qualified for 30% discount on the fine, reducing it from 9.2 million pounds.

  • Published On Oct 2, 2023 at 09:34 PM IST

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