Midweek Roundup: FSA Probing CDD Violations at U.K. Banks, Vatican Bank Risks FATF Censure, and More

"A number of banks" in the United Kingdom are under investigation for inadequate customer due diligence procedures and poor follow-up by management, the Financial Services Authority said Tuesday in its 2011-2012 annual report. More The investigations stem, in part, from a report that concluded that over half of 27 banks reviewed failed to meaningfully apply enhanced due diligence procedures on accounts held for politically-tied clients and other high-risk customers. More The former owner of a Miami-based check cashing business was indicted in the Southern District Court of Florida for funneling $31 million in Medicare fraud proceeds to Cuban banks, according...