Tag Archives: CDD

FCA issues largest AML fine

FCA has fined Deutsche Bank £163 million, the largest fine it has imposed for AML failings. It found the bank failed to maintain an adequate AML framework from the beginning of 2012 to the end of 2015, the result of which was that unidentified customers used the bank to transfer around $10 million of finds […]

FCA holds financial crime conference

FCA held its annual financial crime conference on 10 November. Among the key points noted by FCA speakers were: Andrew Bailey, in his opening address, highlighting FCA’s “Mission”, and commenting that reliance on prescriptive regulation is not best suited to the evolving risks of financial crime. He also acknowledged the challenges firms face in complying […]

FCA gets tough on AML failings

FCA has fined Sonali Bank £3,250,600 and restricted it from accepting deposits from new customers for 168 days, and also fined the bank’s former MLRO £17,900 and banned him from performing the MLRO or compliance oversight functions. FCA found the bank had serious and systemic weaknesses at almost every level of its AML control and […]

Treasury publishes views on MLD4 extension

Treasury has submitted a paper on the proposals to update MLD4. Among other things, the Commission had proposed bringing virtual currencies within MLD4, reducing the threshold for CDD on non-reloadable prepaid instruments and removing the online exemption, harmonising approaches to non-compliant third countries, reducing the Beneficial Ownership criteria to 10% for passive non-financial entities and […]