The UK Financial Conduct Authority (FCA) has taken decisive steps to monitor asset and cryptocurrency exchanges by fining commodities broker, ADM Investor Services International, with a hefty $7.8 million penalty for failing to adhere to Anti-Money Laundering (AML) regulations. Previous alerts raised against ADM were disregarded; such inconsistencies served as an open door to money laundering possibilities, according to the FCA. The regulatory panel offered a 30% discount to the fine support from $11.2 million in exchange for ADM acknowledging errors and agreeing to strengthen internal compliance procedures, including not accommodating high-risk customers. This action marks one of several initiatives in cracking down on fraudulent practices within the investment, fintech, and cryptocurrency sectors with a new set of rules for crypto marketing implemented in early October. Such rules will demand partners to include warnings of potential market plunges and intruders are subject to penalties or even time behind bars.



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