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U.K. Proposes Goals for New AML Regulator
By Colby Adams
printThe United Kingdom outlined Monday its plans for a new regulatory agency that will oversee consumer protection regulations and anti-money laundering compliance programs at banks. In a 52-page report, the British government said that the Financial Conduct Authority (FCA) will take a "more interventionist stance" than its predecessor, the Financial Services Authority (FSA). The approach will mean greater "cross-firm supervision," leading to more enforcement actions, according to the preliminary plan. The plan for the FCA, which is scheduled to replace the FSA by the end of 2012, focused on broad regulatory objectives intended to build on changes made by the...
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