Global regulators are cracking down hard on failures by financial services companies to meet their anti-money laundering obligations. The UK is no exception – its Financial Conduct Authority (FCA) had more than 500 investigations open in April 2018, a fivefold increase since 2016.
In addition to fining companies and even key staff that are non-compliant, the FCA has the power to restrict a financial services company from onboarding new customers in the UK for many months. Such penalties are vital to stifle the £90billion being laun¬dered through the UK every year. Nevertheless, it can also have grave implications for a bank’s business and profits, which will last long after the restriction has been lifted.
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