The Dutch Authority for the Financial Markets (AFM) has imposed two administrative fines on Revo Capital Management B.V. for AML/CFT violations. The fines are of €28,000 ($29,553) and €125,000 ($131,935). Reportedly, the violations took place between during 2018-20.
The smaller fine came because the two investment funds that Revo managed had not conducted an AML/CFT risk assessment. Moreover, they had not implemented policies to mitigate ML/TF risks.
The second fine was a result of failure to ensure that the funds had appropriate procedures to determine whether their clients were ‘politically exposed persons’. Such clients increase the probability of reputational damage and corruption and other risks.