UK: financial crime checklist
30 Nov 2016

On 21 November 2016 the FCA issued a booklet aimed at consumer credit firms setting out good and bad practice on compliance with obligations under the Money Laundering Regulations 2007 (MLR). While directed at consumer credit firms, the booklet is, of course, relevant to all firms subject to the MLR.

AML Focus

Financial crime is one of seven regulatory priorities for the FCA according to its 2016/17 Business Plan. It also remains an area of enforcement focus with the FCA. Most recently, on 12 October 2016, the FCA fined Sonali Bank £3.25m for a series of money laundering systems and controls failings. The Bank’s MLRO was also fined and prohibited from holding the MLRO function and from performing any MLRO or compliance oversight function.

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