U.K.-based ADM unit fined $7.9M for historic AML shortcomings
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.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
PremiumReignited calls to tighten up AML in London, crown dependencies
Despite repeated interventions, fines, and negative publicity, money laundering is rife in U.K. financial services firms, according to Deputy Foreign Secretary Andrew Mitchell.
-
PremiumU.K. sets recommendations to address misogyny in finance
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.
-
News BriefADM delays annual report filing amid ICFR assessment
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.
More from Regulatory Enforcement
-
News BriefFTC sues Uber over deceptive subscriptions, a rare move for consumers by Trump officials
The Federal Trade Commission (FTC) filed a lawsuit against Uber, alleging the ride-hailing company signed customers up for its Uber One subscription without consent, then made it hard for them to cancel. The move marks the U.S. government’s latest broadside against big tech companies, and the first major action from ...
-
News BriefCFPB pullback signals further shift toward industry-friendly regulation
The U.S. Consumer Financial Protection Bureau continues to unravel amid pressure from Trump administration officials to shutter the agency. Not only has the agency informed its employees that it will no longer be a watchdog for the financial services industry, it has also laid off employees despite court orders blocking ...
-
News BriefTrump’s CFPB, dismissing Comerica case, continues to cut down Biden-era lawsuits
The Consumer Financial Protection Bureau dropped yet another consumer protection lawsuit against a bank or fintech provider since Donald Trump was sworn in as president in January. This time, it was with Comerica Bank.