off

“Businesses face HMRC crackdown on money laundering” warns DSR Tax Claims

Those companies required to adhere to strict anti-money laundering (AML) regulations have been advised to check their procedures and improve where necessary after HMRC handed down its largest fine to date to a London money services business for failures in its anti-money...
Posted On 10 Sep 2019
off

22% of banks in UK “not taking advantage” of FCA-approved background checks

BDO has stated that banks are concerned any failures during their due diligence process may potentially expose them to huge Anti-Money Laundering (AML) fines even if the process is fully compliant. Concerns over money laundering penalties mean that 22% of banks in the UK are...
Posted On 24 Jul 2019
Syedur Rahman
off

Are Large Fines for Banks’ Wrongdoings Really Effective?

The Financial Conduct Authority (FCA) has recently fined Standard Chartered Bank (Standard Chartered) the sum of £102,163,200 for Anti-Money Laundering (AML) breaches in two higher risk areas of its business. This is the second largest financial penalty ever imposed by the FCA...
Posted On 02 May 2019
RUSI headquarters in central London
off

EY, Lloyds Banking Group and Thomson Reuters to support RUSI review of AML regime

With the support of EY, the Lloyds Banking Group and Thomson Reuters, the Royal United Services Institute (RUSI) is set to conduct a detailed review of the current anti-money laundering (AML) regime in order to assess what reforms are required to tackle financial crime in the...
Posted On 28 Mar 2018