Financial services firms must take their responsibilities on fighting fraud and money laundering seriously or face enforcement action, warns the Financial Services Authority (FSA).
Speaking at the FSA Financial Crime Conference yesterday, Callum McCarthy, chairman of the FSA, re-iterated the importance the regulator places on the fight against financial crime and stressed the role of senior managers in preventing fraud and money laundering. McCarthy says: “The FSA continues to expect firms to take seriously their responsibilities for helping to fight money laundering and terrorist financing – and to deliver on them.” FSA supervisors will continue to check firms are doing so and “will use our enforcement powers in appropriate cases if we find evidence of serious f...
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