FCA investigating three more banks over money laundering

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 ...