FSA and FSSC target anti-money laundering

The tool follows the move to a more principles-based approach to anti-money laundering controls, introduced on 1 September, and is designed to encourage firms to adopt practices which mitigate money laundering and terrorist financing risks. It sets out a series of questions to consider, including: Management responsibilities; Money laundering reporting; Identifying customers; A risk-based approach; Training; and Suspicious activity reporting For example, under the risk-based approach section it tells firms to consider what risks are posed by customers, what custom...