British asset management firms are failing to adequately address their vulnerabilities to money laundering, bribery and corruption, the United Kingdom's chief financial regulator said Thursday.
The U.K.'s planned new regulator of banks and other financial institutions would impose tougher oversight than its predecessor, a series of proposals for the agency's forthcoming operations handbook show.
One out of every three British banks is unwilling to turn away customers with an "unacceptable" level of risk for money laundering, the United Kingdom's chief financial regulator said in a report Wednesday.