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Apl logistics and logistics logistics company, the largest logistics company in the world, is now under investigation by the UK’s Financial Conduct Authority (FCA) for allegedly breaching anti-money laundering (AML) rules by failing to properly vet its clients.
The company’s founder, Richard Taylor, was arrested in March on charges of money laundering and money laundering by a UK court.
Apl, founded in 2013, is one of the biggest logistics providers in the UK, serving more than 20 million clients.
It also has offices in New York, Los Angeles, Dubai, Singapore, Hong Kong, Sydney, and London.
According to the FCA, Taylor had failed to provide adequate training to Apl employees and other employees, including on its internal compliance processes, to ensure that all of its clients complied with AML regulations.
The FCA also alleges that Taylor failed to maintain effective anti-spam measures, including blocking certain email accounts from sending or receiving certain messages, according to the BBC.
In June, Apl and Taylor agreed to settle with the FCEA, with Apl agreeing to pay £8.5 million ($11.6 million) in compensation to the government.
A spokesperson for the FCO declined to comment on the settlement, but Taylor told the BBC in a statement that he was pleased with the outcome of the matter and hoped the company’s actions would “benefit our customers and improve the way we manage our businesses”.
Taylor told Bloomberg Businessweek in March that he did not think that he would face prosecution and was “not looking for one.”
Taylor was arrested on March 14, 2019, in London’s central tube station after he failed to report his presence for more than a month to the authorities, the BBC reported.
He was then taken to court on charges that he broke AML laws by failing in April 2019 to notify the authorities of his business.
He denies the charges.
In a statement to the Financial Times, Aplys said that it had “conducted an internal review of our compliance processes and implemented a number of measures to prevent this type of incident from happening again.”
Taylor’s arrest was one of several instances in which Aply had been targeted by the FFA in recent years, including a complaint filed against it in March 2018.
In that complaint, the FCPs office of enforcement and fraud warned Aply that its compliance procedures “do not meet or exceed the minimum standards required of commercial businesses” and that the company “will be investigated by the Office of Fair Trading (OFT) if we do not correct this situation in a timely manner.”
The FCE has the power to force companies to comply with AMM and related anti-corruption laws, but Aply did not immediately respond to CNBC’s request for comment on Tuesday.
Taylor has been in custody since the start of March.
“We hope this demonstrates that we have a strong team of dedicated and experienced people at the helm,” Taylor told Businessweek.
“I’m confident that we can continue to deliver our customers a reliable, high quality and secure logistics service.”