British lawmakers raised doubts Tuesday about plans to hand a national law enforcement agency jurisdiction over counterterrorism cases amid reports that it had mismanaged the country's database of suspicious activity reports.
British parliamentarians should expand the window of time investigators have to justify asset freezes based on regulatory transactional reports, a City of London Police official said Thursday.
A proposal to hold British bankers more accountable for compliance failings could soon extend to senior executives of foreign banks, U.K. regulators said Monday.
Small British banks are failing to effectively implement anti-money laundering (AML) and sanction risks controls, despite extensive work over recent years to address key issues, the United Kingdom's financial regulator has found.
The U.K.'s top law enforcement agency will no longer accept incomplete request forms from banks seeking approval to process transactions potentially violating legislation against financial crime and terrorism.
An anti-money laundering compliance fine disclosed Thursday by the United Kingdom highlights the regulatory risks that commercial clients can pose to their bankers, according to consultants.
A decision by the United Kingdom's financial regulator to disclose which banks it is investigating for potential infractions could lead to a slew of legal problems for the agency, say attorneys.
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