November 30, 2017
Fortytwo Data, a Big Data company, has released new research that concludes the U.K. is ramping up its fines for anti-money laundering (AML) infractions.
According to the firm, the U.K.’s revenue and customs branch, the HMRC, has increased the average value of anti-money laundering fines levied against businesses by 166 percent, while the total value of financial crime fines issued jumped 105 percent year over year.
In total, researchers said, HMRC issued more than $1.5 million in AML fines this year. Dealers and sellers of high-value items like art, antiques, jewelry and boats are among the firms that have been hit with AML fines recently.