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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-10-03T21:01:00
A broker affiliate of Archer Daniels Midland was ordered to pay nearly 6.5 million pounds (U.S. $7.9 million) by the U.K. Financial Conduct Authority (FCA) for not timely addressing anti-money laundering (AML) systems and controls deficiencies first alleged by the regulator in 2014.
London-based ADM Investor Services International (ADMISI) avoided a penalty of more than £9.2 million (U.S. $11.1 million) in the case by not disputing the agency’s findings and cooperating with its investigation, the FCA announced in a press release Monday.
The FCA said it expected ADMISI to address concerns it raised regarding the firm’s AML systems during a 2014 periodic assessment. Specific issues the regulator said it found involved the firm’s risk management framework, compliance monitoring, and client risk assessment, according to the FCA’s final notice.
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2024-06-06T13:52:00Z By Ruth Prickett
Despite repeated interventions, fines, and negative publicity, money laundering is rife in U.K. financial services firms, according to Deputy Foreign Secretary Andrew Mitchell.
2024-03-28T13:59:00Z By Ruth Prickett
Sexism, sexual assault, and bullying are rife at financial services organizations, according to a recent report by the U.K. Treasury Committee. “The government and financial regulators have important roles to play in driving change,” the committee said.
2024-03-04T11:17:00Z By Kyle Brasseur
ADM disclosed it will be late in filing its annual report for 2023 as it continues to investigate potential accounting improprieties regarding its nutrition reporting segment.
2024-07-02T20:35:00Z By Adrianne Appel
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
2024-07-02T14:42:00Z By Adrianne Appel
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
2024-07-02T13:50:00Z By Aaron Nicodemus
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
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