FSA: UK banks failing on money-laundering controls

money-laundering-big

Two UK banks have been referred to the Financial Services Authority's (FSA) enforcement division after the regulator found serious shortfalls in their procedures for handling customers seen as high-risk potential money launderers. The regulator said today in a report on UK anti-money laundering precautions that the unnamed banks had "apparent serious weaknesses in their systems and controls for managing high-risk customers, including politically exposed persons" – that is, customers wit

To continue reading...