By Kyle Brasseur2024-03-05T20:55:00
The U.K. Financial Conduct Authority (FCA) warned the chief executive officers of approximately 1,000 financial institutions it supervises regarding common failures in anti-money laundering (AML) procedures it observed during recent assessments.
The agency’s “Dear CEO letter,” published Tuesday, is addressed to the leaders of Annex 1 businesses, which include certain lenders, safe custody providers, money brokers, and financial leasing companies. These firms are not subject to wide FCA regulation but must register regarding compliance with the Money Laundering, Terrorist Financing, and Transfer of Funds Regulations 2017 (MLRs).
In the letter, the FCA noted frequently observed deficiencies including:
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The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
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The U.K.’s Financial Conduct Authority asked banks and financial institutions “to do more” to ensure that U.K lawmakers and their families are not treated unfairly.
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Despite repeated interventions, fines, and negative publicity, money laundering is rife in U.K. financial services firms, according to Deputy Foreign Secretary Andrew Mitchell.
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On-again-off-again tariffs, a down economy, and a long list of global supply chain disruptions are challenging U.S. food and beverage companies to adjust their supply chain operations in a variety of ways.
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New regulations, changing consumer demands, and global supply chain disruptions – from cost-of-goods inflation to tariffs to raw material shortages, and more – are just a few top challenges reshaping the operations of food and beverage industry today. “These challenges are no longer just logistical—they implicate sourcing risk, contract performance, ...
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More than half of all compliance teams are “actively using” or “piloting” AI applications, according to a Moody’s report. While most are focusing on streamlining routine tasks, some are developing AI agents and asking vital questions about AI decision-making.
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