HMRC Imposes £23.8 Million Fine on MT Global Limited for AML Violations

The UK's tax, payments and customs authority HM Revenue and Customs (HMRC) recently announced that it has imposed £23.8 million on MT Global Limited, an Money Transfer company operating in London, for money laundering breaches.

According to the authority, from July 2017 to December 2019, the company didn't comply with the regulations relating to risk assessments, associated record-keeping, policies, controls and procedures, and fundamental customer due diligence measures.

Supervising more than 30,000 businesses across the UK, including 1,500 principal money service businesses (MSBs), HMRC works closely with partner law enforcement agencies and government departments to helps these firms protect themselves from criminals.

MT Global has been handed the largest ever fine issued by HMRC, which completed 2,000 interventions on supervised businesses, issued penalties totalling £9.1 million from 2019 to 2020.

“We're here to help businesses protect themselves from those who would prey on their services. That includes taking action against the minority who fail to meet their legal obligations under the regulations as this record fine clearly shows,”Nick Sharp, Deputy Director of Economic Crime, Fraud Investigation Service, HMRC, commented.