The punative measures are in relation to contraventions of section 20 of the Proceeds of Crime (Anti-Money Laundering & Terrorist Financing Supervision & Enforcement) Act 2008.
The penalties were imposed forfailure to adequately comply with the following impositions of the Act:
- The application of customer due diligence measures
- Ongoing monitoring of business relationships
- The timing of verification
- The application of enhanced due diligence
The BMA said, however, that it found no evidence that the companies were involved or complicit in any prior or ongoing money laundering. The companies arealso no comliant with the act.