Alpari was just handed a huge fine by the FSA for failure to implement AML procedures. According to the FSA amongst other things Alpari accepted clients from high risk jurisdictions such as Nigeria and didn’t screen customers against AML lists. Most of US brokers as far as I know work with companies such as World Check which hold a global database of Politically Exposed Persons, heightened risk individuals and organisations, Enhanced Due Diligence (EDD) reports, passport verification and country risk assessment tools to help them monitor their clients. The Financial Services Authority (FSA) has imposed a financial ... (full story)