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  1. Public register
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  3. Sanction for AG Communications Limited
Sanction

AG Communications Limited

Account number:
39483
Decision date:
14 November 2022
Outcomes:
Conditions attached to the licence, Financial penalty and Warning

Details

Following a review of the operating licence undertaken against AG Communications Limited (“the Licensee”), the Commission found that the Licensee breached:

  • Paragraphs 1 and 2 of licence condition (LC) 12.1.1: Anti-money laundering - Prevention of money laundering and terrorist financing

In line with the Commission’s Licensing, compliance and enforcement policy statement, the Indicative sanctions guidance and the Statement of principles for determining financial penalties, the Commission has decided to:

  1. Impose a financial penalty of £237,600 under section 121(1) of the Act 2005
  2. Give the Licensee a warning under section 117(1)(a) of the Act
  3. Attach additional conditions to the Licensee’s operating licence under section 117(1)(b) of the Act requiring the Licensee to conduct risk based due diligence on the third parties it transacts with.

The Licensee co-operated with the Commission throughout the investigation and took corrective steps to address the identified failings.

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