FCA fines ADM Investor Services International Limited £6,470,600 for serious financial crime control failings

Summary:

ADM Investor Services International Limited (ADMISI), a broker, has been fined u00a36,470,600 for failing to maintain adequate anti-money laundering (AML) systems and controls. The Financial Conduct Authority (FCA) raised concerns with ADMISI in 2014, and despite improvement attempts, significant failings were still found during a 2016 visit. The firm's AML customer risk assessment was basic, and there was little evidence of adequate ongoing monitoring. ADMISI eventually introduced new policies and procedures and the requirements were lifted in January 2018.