Derivatives brokerage fined £6.5m for AML breaches despite repeat warnings

By Neasa MacErlean

A firm of investment brokers in the City of London that arranges over 180 million derivatives contracts a year has been fined £6.47 million for "significant failings" in its anti-money laundering systems - including attesting to the regulator that it had effective arrangements in place when it had not applied client risk assessments to its existing clients.