News

FCA Warns Wholesale Brokers: Strengthen Your AML Controls

Koos Couvée
London Bureau Chief

The U.K. Financial Conduct Authority, or FCA, warned wholesale brokers Thursday to enhance their anti-money laundering programs after a review of the sector uncovered a string of common compliance weaknesses. Wholesale brokers primarily act as agents for institutional clients such as banks, investment funds and, in some cases, the super-wealthy, but tend not to take proprietary trading positions themselves. They instead match buyers and sellers seeking to execute trades in equities, bonds, commodities, derivatives and other financial instruments. In a 52-page report, the FCA disclosed that a review of a sample of the 280 firms that make up the U.K....

TO READ THE FULL STORY
Subscribe Learn More