U.K. lenders should tighten anti-money laundering checks for customers who frequently deposit cash into their bank accounts through the Post Office and report related suspicious transactions more quickly, the Financial Conduct Authority warned Monday. In an alert published on its website, the FCA noted that U.K. crime syndicates launder hundreds of millions of pounds' of illicit banknotes each year through the Post Office, which has a longstanding agreement whereby customers of 30 banks and other institutions in Britain can deposit and withdraw cash from their accounts. Only a handful of banks tailored their AML controls to account for the risk...
The U.K. Financial Conduct Authority set out a series of measures designed to help banks reduce the risk money laundering associated with cash deposits via the Post Office.