The Financial Services Authority have slapped Alpari with a £140,000 fine and its former money laundering reporting officer (MLRO), Sudipto Chattopadhyay with a fine of £14,000.
According to the FSA report (www.fsa.gov.uk/pubs/final/alpari.pdf and www.fsa.gov.uk/pubs/final/chattopadhyay.pdf), Alpari failed to have in place adequate anti-money laundering systems and controls and failed to monitor customer accounts, particularly customers based in Nigeria.
The report says: “FSA regulated firms should carry out risk assessments of the money laundering and financial crime risks that they are exposed to.
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