FCA Investigating Over 40 AML Cases, Cites System Flaws

Law360, London (April 1, 2021, 6:02 PM BST) -- Britain's financial watchdog is investigating more than 40 businesses and individuals for suspected anti-money laundering offenses, the regulator's enforcement director has said, warning that companies' AML systems must not become bureaucratic processes that can be gamed.

The AML investigations, which comprise 25 probes into companies and 17 into individuals, cover areas such as transaction monitoring, correspondent banking and trade finance, Mark Steward, the Financial Conduct Authority's executive director of enforcement and market oversight, said in a March 24 speech published on Thursday.

The watchdog is also looking into how financial institutions monitor clients with significant cash intensive operations and so-called politically...

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