15th Jul 2014 Major banks still vulnerable to money laundering, says top regulator Share The Financial Conduct Authority (FCA) warned that its analysis of 17 banks found that half, including four major UK lenders, still did not have proper processes and procedures for ensuring they were not involved in facilitating money laundering.Tracey McDermott, head of enforcement at the FCA, said that banks’ “trade finance” businesses remained particularly vulnerable to abuse by criminal and terrorists and that in some cases the shipments being funded by lenders were just “fresh air”.“Some banks have a lot of work to do to raise their game to the best of their peers,” said Ms McDermott.Martin Wheatley, chief executive of the FCA, warned that organised criminal gangs “filtered, cleaned and rebottled” £10bn in the UK every year, using banks and other financial services.“It’s simply not acceptable for firms to turn a blind eye to where the money comes from, its journey from A to B,” said Mr Wheatley.Read More by SmartSearch See more articles by SmartSearch Share post See our other popular articles 18th Apr 2024 Fighting FinCrime in financial services: optimising the balance between innovation and compliance by SmartSearch 14th Feb 2023 ‘Failure to prevent’ fraud, false accounting or money laundering could soon be a punishable offence by SmartSearch 2nd Feb 2023 SmartSearch COO named Technology Businesswoman of the Year at national award by SmartSearch See more
18th Apr 2024 Fighting FinCrime in financial services: optimising the balance between innovation and compliance by SmartSearch
14th Feb 2023 ‘Failure to prevent’ fraud, false accounting or money laundering could soon be a punishable offence by SmartSearch
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