OFT’s half a million pound anti-money laundering penalty on online payday lender upheld
Peter Mantle, representing the OFT, successfully defended the penalty imposed on MCO Capital Ltd anti-money laundering breaches.
The First-tier Tribunal in its decision of 7 November 2012 agreed with the arguments advanced by the OFT on the merits and technical issues. It approved the OFT’s formulation and implementation of its Interim Penalty Policy in the first money laundering penalty appeal brought by a consumer credit lender.
MCO’s appeal was dismissed in its entirety.