PRA writes to banks on AML risks

PRA has written a Dear CEO letter bringing banks’ attention to EBA’s opinion on the ML/TF risks in prudential supervision, and confirm it will continue to consider these concerns as part of its prudential assessment of firms. It reminds firms that members of their management bodies and senior management must at all times be fit and proper to perform their duties and that PRA’s General Organisational Requirements mandate that firms must have robust governance arrangements. It also notes the importance of allocating the SMR for financial crime to an appropriate individual.


Emma Radmore