FSA: UK banks failing on money-laundering controls
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 with
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