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Asset Management Firms Fail to Identify Account Owners, Analyze AML Data: U.K. Regulator
By Colby Adams
printBritish asset management firms are failing to adequately address their vulnerabilities to money laundering, bribery and corruption, the United Kingdom's chief financial regulator said Thursday. In a 16-page report informed by a review of 22 companies, officials from the Financial Conduct Authority (FCA) concluded that the majority of U.K. firms employed a "comprehensive suite" of management-approved anti-money laundering (AML) policies and procedures but did not always sufficiently follow through on their compliance plans. Most of the firms failed to properly document the patterns of financial activity and monetary thresholds that trigger transactional alerts, the FCA found. One firm evaluated by...
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