HMRC has penalised a London business with a “record” fine for breaching strict anti-money laundering regulations.

West London money transmitter Touma Foreign Exchange Ltd ignored these regulations and received a £7.8 million penalty.

The company was fined by HMRC for a range of failures under the Money Laundering Regulations. Between June 2017 and September 2018, having breached rules on: risk assessments and associated record-keeping; policies, controls and procedures; fundamental customer due diligence measures; and adequate staff training

Additionally, Hassanien Touma was banned from any management rol...