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...
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