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British Banks Adopting Tougher Due Diligence in Wake of Enforcement Actions, Settlements
By Bennett Voyles
printA recent spate of compliance fines and U.S. investigations has imposed renewed pressure on British banks to improve their anti-money laundering and sanctions programs, say industry sources. Since March, the U.K.'s Financial Services Authority (FSA) has fined three banks-Turkish Bank (UK) Ltd, Coutts & Company and Habib Bank Zurich AG-a total of 9.6 million pounds for faulty anti-money laundering (AML) programs tied to controls on correspondent accounts and high-risk clients. The fines roughly coincide with global pressure on one of London's best-known financial institutions: HSBC Holdings Plc. In July, American lawmakers outlined an array of compliance failures at the institution,...
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