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Smaller U.K. Financial Firms Struggling to Monitor Risky Customers, Report Suspicious Activity: FSA
By Brian Monroe
printFew small financial firms in the U.K. have adequate anti-money laundering and sanctions compliance programs, including enhanced due diligence controls for high-risk clients, Britain's top financial regulator said Monday. Economic sanctions compliance among small firms is also generally weak, the U.K.'s Financial Services Authority (FSA) said in a 59-page report. The agency said the study, which also looked at data security and fraud controls, had been prompted in part by a 2007 report by the Financial Action Task Force (FATF) that dinged Britain for lax anti-money laundering (AML) controls. Poor AML programs at small U.K. firms is "a fact" and...
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