FCA: Banks Should Rethink Derisking Strategies
The Financial Conduct Authority warns that banks should rethink their anti-money laundering strategies in light of reports that financial institutions have nixed services to customers that may pose potential money-laundering risks. The agency says, “These policies and procedures must be comprehensive and proportionate to the nature, scale, and complexity of ...
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
Article
Correspondent banking fades; de-risking gets the blame
In an ironic twist, regulation designed to protect the global financial system is forcing whole regions outside the regulated financial system, creating more risk for everyone.
-
Article
Squeezed: Banks Have No Easy Path on De-Risking
Image: Money service businesses, bitcoin startups, marijuana shops; the population of high-risk customers in the banking world is surging. Regulators have sent conflicting messages about wholesale de-risking of certain sectors, and that can force painful questions about how to build effective, and extensive, due diligence programs. “Regulators are talking from ...
-
PremiumDelayed UK antitrust case underscores compliance, reputational risks
Antitrust infringement cases in the United Kingdom can run on for years, but there’s a question whether issuing fines that are dwarfed by the revenues of those organisations involved is a worthy deterrent—particularly if they are imposed over a decade after the misconduct ended. It’s also debatable whether the first ...