The Financial Services Authority has fined Capital International Limited for failing to adhere to anti-money laundering rules.
Capital was selected to be part of the Foreign Politically Exposed Persons (“FPEP”) thematic project undertaken by the AML/CFT Division of the Authority.
During that review, it found “certain instances of historic contravention of the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019”.
This included finding that the procedures and controls in place at the time of the inspection did not enable Capital to fully demonstrate management and mitigation of all risks as required,
The FSA statement said: “The Authority acknowledges the constructive dialogue between CIL and the Authority, and gives credit for those pre-identified actions and the programme of remediation completed by CIL management prior to, during and after the FPEP thematic inspection.”
As such, it reduced the fine of £170,851 by 30% to £119,596, citing that Capital “co-operated fully with the Authority and agreed settlement”.
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