Adviser fined for using inadequate money laundering controls

The firm's money laundering reporting officer, Michael Wheelhouse, was also fined £17,500 - the first time the FSA has fined a person in this post. Sindicatum was found to have failed to verify adequately the identity of a significant number of its clients. It also failed to keep adequate records with regard to the verification of the identity of its clients, and Wheelhouse failed to take reasonable steps to implement adequate procedures for controlling money laundering risk. William Amos, head of retail enforcement at the FSA, said: "It is vital to the integrity of the UK's financial m...