Firm hit with £49k money laundering fine

The FSA says Sindicatum Holdings failed to adequately verify the identity of 13 clients from countries including Lithuania, Slovenia and Hungary. Michael Wheelhouse, the firm’s money laundering reporting officer (MLRO) and CEO of sister company Sindicatum Capital International, was also heavily penalised for failing to implement the correct money laundering procedures. The FSA says the fine, which would have been £70,000 if Sindicatum could have afforded to pay it, should be seen as a warning for firms to ensure they clamp down on money laundering risk. “It is vital to the integrity of t...