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British AML Regulator Plans Name-and-Shame Strategy, Analysts Question Motive

By Koos Couvée

The U.K. Financial Conduct Authority's plan to publicly name banks suspected of regulatory breaches could bolster the agency's reputation, but analysts interviewed by ACAMS moneylaundering.com raised doubts as to whether the strategy would improve compliance. In a major departure from longstanding practice, the FCA argued in a 91-page proposal Tuesday that naming banks and other financial institutions under investigation for potentially failing to meet anti-money laundering requirements and other compliance-related obligations would deter future misconduct and show that regulators are "on the case." The FCA would also regularly update the public on current cases, and cases the agency closed without...

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