Sapien Capital was fined £178,000 by FCA as a result of their dealings with Solo Group in 2015.
Sapien have failed to have adequate systems and controls to identify and mitigate the risk of being used by Solo Group to facilitate fraudulent trading and money laundering. FCA also found Sapien to have breached Principle 2 as it did not exercise due skill, care and diligence in applying its AML policies and procedures.
The FCA’s investigation and conclusions were based on a range of information including analysis of transaction reporting data.