New guidance from the U.K. Crown Prosecution Service could herald a rise in cases against firms and individuals who fail to flag money laundering internally or to the U.K. financial intelligence unit, sources told ACAMS moneylaundering.com. Section 330 of the 2002 Proceeds of Crime Act holds that regulated businesses and employees with "reasonable grounds for knowing or suspecting" a particular transaction is illicit expose themselves to criminal charges by failing to file a report, if such a disclosure could have assisted government efforts to track the funds and the person moving them. For the better part of two decades, the...
The U.K. Financial Conduct Authority in recent months has increasingly used its authority to severely restrict and even fully halt financial institutions deemed to have substandard anti-money laundering controls from conducting transactions.
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