The government is integrating professional services into the FCA’s AML/CTF supervisory framework to improve efficiency and simplify a complex regulatory regime.
Terrorist financing
Regulation
Premium
Report finds elevated risk for money laundering and terrorist financing in Sweden
Two out of the four industries exposed to the greatest risk are banking and finance as well as payment institutions.
The reports trace threats to the US financial system, including ones involving drug cartels, transnational criminal organizations and money-laundering networks.
OPBAS says the accountancy and legal sectors make a significant contribution to UK GDP, but there is significant room for improvement in supervision.
David Brain surfaces a gap in how these risks are commonly framed, and explains why a financial crime BWRA should not be treated as a subset of operational risk.
Enforcement
Premium
Lack of secure archive and other failings lead to fine for investment adviser in France
Carat GP and its two directors have incurred a fine of €2.5m. The firm and one of its directors have also been barred by the AMF.
Wall Street's largest bank has been accused of delays in SAR submissions in relation to anti-money-laundering and terrorist financing obligations.
Proponents of the announcement believe it will help prevent money laundering; critics argue the FCA may not have the capacity to do a supervisory job.