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U.K. Regulator Says Many Banks Have Poor AML Controls for High-Risk Clients
By Brian Monroe and Colby Adams
printOne 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. Three out of four of the institutions fail to adequately manage accounts maintained for risky clients, the U.K. Financial Services Authority (FSA) said in the 94-page report, which identified weaknesses in anti-money laundering (AML) controls on accounts for politically exposed persons (PEPs) and correspondent banks, among others. The FSA confirmed in the findings that it had referred two unnamed banks for enforcement actions, including possible monetary penalties....
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