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FSA fines first individual for money laundering breach

The Financial Services Authority, the UK's financial regulator, has fined an emerging market bond broker and its managing director over £200,000 (€296,000) for breaches of anti-money laundering controls.

Ram Melwani, managing director of the penalised company, Investment Services UK, was personally fined £30,000 of the total. It is the first time an approved person has been punished under the new measures.

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