The U.K.'s bank regulator should clarify guidance proposed in November on how financial institutions should identify and prevent illicit activity, a lobbying group said in a letter published Tuesday. The proposed recommendations by the Financial Conduct Authority (FCA) don't sufficiently distinguish what institutions are required to do from what they should do when possible, according to the British Bankers Association (BBA). The agency published the guidelines to help banks fight money laundering and bribery in a "more proportionate and risk-based way." But the proposal appears to heighten some regulatory expectations beyond current U.K. law and recommendations by the Paris-based Financial...
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.
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