- 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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Despite repeated interventions, fines, and negative publicity, money laundering is rife in U.K. financial services firms, according to Deputy Foreign Secretary Andrew Mitchell.
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