Aapari UK
Date: 05/05/2010 Type of action: Fines On 5 May 2010 the FSA imposed a financial penalty of £140,000 on Alpari (UK) Limited ('Alpari') in respect of breaches of Principle 3 of the FSA's Principles for Businesses ('Principle 3') between 8 September 2006 and 25 November 2008.
The breaches relate to failings in the adequacy of Alpari's anti money laundering systems and controls. Specifically, Alpari failed to:
1)carry out adequate risk assessments of the money laundering and financial crime risks that Alpari was exposed to;
2)resource its compliance and anti-money laundering area adequately, in line with the growth of Alpari;
3)screen customers against U.K. and global sanctions lists and politically exposed persons (PEP) lists;
4)have in place adequate customer due diligence procedures, in relation to customers from higher risk jurisdictions, at the account opening stage;
5)carry out adequate on-going monitoring of the business relationship with the customer; and
6)adequately train employees, on an on-going basis, in relation to financial crime and money laundering.
The Final Notice and the relevant press release can be found on the FSA website.
http://www.fsa.gov.uk/register/firmDiscHistoryDetails.do?discHistorySid=1872&sid= 167495
The breaches relate to failings in the adequacy of Alpari's anti money laundering systems and controls. Specifically, Alpari failed to:
1)carry out adequate risk assessments of the money laundering and financial crime risks that Alpari was exposed to;
2)resource its compliance and anti-money laundering area adequately, in line with the growth of Alpari;
3)screen customers against U.K. and global sanctions lists and politically exposed persons (PEP) lists;
4)have in place adequate customer due diligence procedures, in relation to customers from higher risk jurisdictions, at the account opening stage;
5)carry out adequate on-going monitoring of the business relationship with the customer; and
6)adequately train employees, on an on-going basis, in relation to financial crime and money laundering.
The Final Notice and the relevant press release can be found on the FSA website.
http://www.fsa.gov.uk/register/firmDiscHistoryDetails.do?discHistorySid=1872&sid= 167495
