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OFT sets out money laundering enforcement stance

May 10 2011 Martin Coyle, Regulatory Intelligence

The Office of Fair Trading has published a number of new documents which set out the approach it plans to take when policing breaches of its anti-money laundering regime. The papers outline the OFT's general enforcement stance as well as issues such as non-registration. The interim penalty policy sets out the organisation's approach to dealing with firms that fail to register for AML purposes and trade while unregistered. The paper follows last year's consultation and confirms that the body will have the power to impose civil penalties starting at £2,000 for unregistered firms. The OFT said it would first approach unregistered firms and explain the registration requirements. Firms would then be hit with a written warning, followed by a formal notice and then the full penalty. The guidance points out that firms could also be fined an additional £1,000 penalty for each premise they control; thus a firm with 50 premises guilty of breaches could be fined £51,000. The OFT said that the

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