News

The U.K.'s top financial regulator will launch a broad review this month of whether bank cultures, board practices and business incentives weaken compliance programs at some of the country's largest financial institutions. The Financial Services Authority (FSA) said the evaluation, called the pilot Core Financial Crime Programme (CFCP), will look at anti-money laundering (AML), counterterrorism financing and sanctions practices. The agency will initially focus on banks deemed systemically important and at high risk of exploitation by money launderers. The review will look at whether compliance officers are "visible and listened to, how are they rewarded and do they get senior...