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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-10-03T21:01:00
A broker affiliate of Archer Daniels Midland was ordered to pay nearly 6.5 million pounds (U.S. $7.9 million) by the U.K. Financial Conduct Authority (FCA) for not timely addressing anti-money laundering (AML) systems and controls deficiencies first alleged by the regulator in 2014.
London-based ADM Investor Services International (ADMISI) avoided a penalty of more than £9.2 million (U.S. $11.1 million) in the case by not disputing the agency’s findings and cooperating with its investigation, the FCA announced in a press release Monday.
The FCA said it expected ADMISI to address concerns it raised regarding the firm’s AML systems during a 2014 periodic assessment. Specific issues the regulator said it found involved the firm’s risk management framework, compliance monitoring, and client risk assessment, according to the FCA’s final notice.
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
2024-06-06T13:52:00Z By Ruth Prickett
Despite repeated interventions, fines, and negative publicity, money laundering is rife in U.K. financial services firms, according to Deputy Foreign Secretary Andrew Mitchell.
2024-03-28T13:59:00Z By Ruth Prickett
Sexism, sexual assault, and bullying are rife at financial services organizations, according to a recent report by the U.K. Treasury Committee. “The government and financial regulators have important roles to play in driving change,” the committee said.
2024-03-04T11:17:00Z By Kyle Brasseur
ADM disclosed it will be late in filing its annual report for 2023 as it continues to investigate potential accounting improprieties regarding its nutrition reporting segment.
2024-10-22T21:18:00Z By Adrianne Appel
Precision Toxicology has agreed to pay $27 million to settle allegations first brought by whistleblowers in three cases, that the company billed the federal government for unnecessary drug tests and paid kickbacks to doctors, the Department of Justice (DOJ) said.
2024-10-22T16:08:00Z By Aaron Nicodemus
Fund management company WisdomTree will pay $4 million to settle allegations by the Securities and Exchange Commission that it improperly invested in fossil fuel and tobacco companies in environmental, social and governance (ESG) funds despite promising to avoid them.
2024-10-18T18:10:00Z By Adrianne Appel
A Vietnamese alcohol company has agreed to pay $860,000 to settle allegations by the Office of Foreign Assets Control (OFAC) that its business with North Korea involved U.S. financial institutions.
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