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U.K. Fines Forex Company and Compliance Officer
By Colby Adams
printThe United Kingdom's chief financial regulator on Wednesday fined a foreign exchange brokerage and its former compliance officer more than £150,000 for lax anti-money laundering safeguards and questionable trading practices. Between September 2006 and November 2008, London-based Alpari Ltd failed to monitor for suspicious activity and apply effective customer due diligence procedures when opening accounts, the U.K. Financial Services Authority (FSA) said. The regulator fined the company £140,000 and a former compliance officer, Sudipto Chattopadhyay, £14,000. Both Alpari and Chattopadvay could have paid more, but the agency reduced the fines by 30 percent in part because Alpari self-reported the violations,...
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