FCA Fines Sunrise Brokers LLP for Violating AML Policies

The UK Financial Conduct Authority (FCA) has announced that it has fined Sunrise Brokers LLP almost GBP700,000 for insufficient control over the implementation of anti-money laundering policies and procedures and has failed to properly assess, monitor, and mitigate the risk of financial crime against clients introduced by the Solo Group. The review found that Solo Group’s trading in 2015 was characterized by a circular pattern of alleged transactions, suggesting financial crimes.