Two of the UK’s Financial Conduct Authority’s (FCA’s) biggest sanctions in the last 12 months related to failures to address financial crime and anti-money laundering (AML) risks according to the authority’s executive director of enforcement and market oversight, Mark Steward…. Read More ›
The global system for financial crime is hugely expensive and largely ineffective according to The Economist. The international weekly newspaper and online publisher concludes in an article that the war against money-laundering is being lost. NatWest proceedings The article responds… Read More ›
The UK’s Financial Conduct Authority (FCA) has announced that it has commenced criminal proceedings against National Westminster Bank Plc (NatWest) in respect of offences under money laundering regulations enacted in 2007. This is the first criminal prosecution under the act… Read More ›
Regulated firms in the UK’s banking, lending, wealth management and estate agents sectors are only 55 per cent of the way through their implementation plans for the European Union’s Fifth Money Laundering Directive (5MLD) according to new research from global… Read More ›
The UK’s Financial Conduct Authority (FCA), which regulates the country’s 60,000 financial services firms and financial markets, has abandoned half of its inquiries into money laundering breaches and is embarked on a series of reforms aimed at making the regulator… Read More ›
The UK’s financial regulator has fined Commerzbank’s London branch nearly £38 million (US$47 million) over anti-money laundering (AML) failures, including an ‘out of control’ customer due diligence process. Since the FCA’s intervention, the German bank has suspended all new trade… Read More ›
The UK’s Financial Conduct Authority (FCA) has published the results of its recent thematic review, which looked at the responses of smaller banks to the authorities 2011 Anti Money Laundering (AML) Review. In its latest review, the FCA has identified,… Read More ›