FCA Ditches Half Of Criminal Probes Into AML Breaches

Law360, London (September 15, 2020, 12:30 PM BST) -- The Financial Conduct Authority has dropped half of its investigations into financial companies suspected of breaching the U.K.'s anti-money laundering rules since the start of 2020 and has brought no criminal prosecutions, according to newly disclosed data.

The City watchdog has scrapped seven of the 14 investigations that it had launched between January and August against financial institutions for purportedly violating the Money Laundering Regulations 2017, according to the response to a freedom of information request made by law firm Eversheds Sutherland.

The regulator has not prosecuted any business since the 2017 anti-money laundering rules came into effect, despite having the...

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