FCA Tells Groups To Cough Up For £1.65M AML Unit

Law360, London (October 18, 2018, 5:37 PM BST) -- The Financial Conduct Authority said on Thursday that professional bodies must each fork over a minimum of £5,000 to cover the £1.65 million ($2.15 million) annual price tag for its new anti-money laundering unit.

The FCA will levy the fee to recoup the costs it has incurred while setting up and running the Office for Professional Body Anti-Money Laundering Supervision. The new body oversees how associations are complying with money laundering regulation in an effort to clamp down on the £90 billion of dirty money that the government estimates flows through the U.K. each year.

Professional bodies — including the Solicitors...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!