Small British banks are failing to effectively implement anti-money laundering (AML) and sanction risks controls, despite extensive work over recent years to address key issues, the United Kingdom's financial regulator has found. Although some retail, wholesale and private banks have implemented effective AML and sanctions controls, it is "disappointing" that small banks' financial crime systems continue to exhibit weaknesses, a Financial Conduct Authority (FCA) thematic review published Friday states. A third of the banks assessed had inadequate AML resources, and staff knowledge and awareness of AML and sanctions risks were often weak, even on the part of money laundering reporting...
With U.K. elections only two months away, Tory and Liberal Democrat lawmakers alike have been forwarding strategies to tackle tax evasion and other financial crimes. One consideration of the Labour Party: whether British officials have the proper resources to penalize wrongdoers.
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.