What will the upcoming anti-money-laundering regulations mean for regulated firms? Caroline Biebuyck finds out.
Any doubts over the seriousness of the financial regulators’ intentions over anti-money-laundering (AML) and counter-terrorist-financing (CTF) breaches were firmly put to rest this year.
At the start of April, the Financial Conduct Authority (FCA) levied the second-largest penalty of its kind on Standard Chartered Bank for AML breaches due to the “serious and sustained” shortcomings in the bank’s AML controls over customer due diligence and ongoing monitoring. And in September the Prudential Regulatory Authority (PRA) reminded the industry of its interest in this matter when it issued a “Dear CEO” letter to regulated firm’s chiefs, reminding them that it will continue to monitor their businesses under its supervisory objectives.
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