Three more banks are being investigated by the Financial Conduct Authority (FCA) over money laundering, the regulator has revealed.
The FCA has recently fined a number of firms - in April, EFG Private Bank was fined £4.2m - and one person for failing to manage money laundering risk adequately. Today, the regulator launched its first annual report on anti-money laundering practices and said: "We continue to see serious weaknesses in firms' management of their money laundering risks, including in their dealings with high-risk customers and politically exposed persons." The watchdog said it was working on ‘preemptive problem solving' on money-laundering. "We concentrate on identifying current and emerging financia...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
