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U.K. Regulator Ramps Up AML Fines Ahead of Agency Overhaul
By Colby Adams
printBritain's top banking regulator more than doubled its annual number of anti-money laundering monetary penalties in 2010 and fined financial institutions 2 million more pounds for related violations than in 2009. The U.K. Financial Services Authority (FSA), which is scheduled to be reorganized by the end of 2012, levied five fines totaling 9.7 million pounds, or just under $16 million, for anti-money laundering (AML) and corruption-related offenses in 2010. Only two AML and bribery-related fines, totaling 7.7 million pounds, were issued by the agency in 2009. AML fines levied solely against banks jumped 280 percent, from 2.5 million pounds in...
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