Alpari fined for lack of a money laundering system

ALPARI, an online foreign exchange service for speculative trading, has been slapped with a £140,000 fine by the Financial Services Authority (FSA) for failing to have appropriate money-laundering systems and controls put in place.

The financial regulator also handed the group’s former money laundering reporting officer Sudipto Chattopadhyay a £14,000 fine and held him accountable for Alpari’s breaches of FSA regulations that require firms to carry out risk assessment of money laundering and financial crime risks.

Alpari failed to place adequate screening systems for its customers in the UK and globally against sanction lists, according to the FSA.

The currency trading group had increased its customer base from 400 to 11,500 over the course of a year but did not expand it’s anti-money laundering compliance in line with the rest of the business, said the FSA.

Related articles