News

U.K. anti-money laundering supervisors conducted approximately 40 percent more onsite exams and desk-based reviews in the financial year that ended April 2020 than in the previous 12 months, but issued 15 percent fewer fines, government figures show. The Financial Conduct Authority, HM Revenue & Customs, Gambling Commission and the 22 self-regulatory bodies that oversee lawyers, accountants and other professionals, assessed the AML compliance programs of more than 10,000 firms from April 6, 2019 to April 5, 2020, up from 6,200 the previous financial year, according to a HM Treasury report. At the same time, the total number of monetary penalties...