Industry urged to guard against ‘economically motivated crime’

Financial Crime

Robinson emphasised as being fundamental the need for firms to adopt a "risk-based approach to AML (anti-money laundering)". He went on: "In a risk-based approach, senior management must be involved in the design of the risk assessment process and involved in the higher risk cases. Our new rules make clear that senior management bear the responsibility in this area. Firms must also ensure that relevant staff are trained to deal with politically exposed persons risks (PEP’s); that they have

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