Three more banks are being investigated by the Financial Conduct Authority (FCA) over money laundering, it has revealed.
The regulator said it had recently fined a number of firms - in April, EFG Private Bank was fined £4.2m - and one person for failing to manage money laundering risk adequately. The FCA said: "We continue to see serious weaknesses in firms' management of their money laundering risks, including in their dealings with high-risk customers and politically exposed persons." The watchdog said it was working on ‘preemptive problem solving' on money-laundering. "We concentrate on identifying current and emerging financial crime risks, and on ensuring that an awareness of their implications ...
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