Banks Must Step Up Laundering Controls, UK Watchdog Says

Law360, New York (July 1, 2013, 3:39 PM EDT) -- A survey of several banks operating in the U.K. found they generally do well at avoiding dealing with entities subject to trade sanctions, but must do more to counter risks related to money laundering and terrorist financing, a British banking watchdog said Monday.

According to the Financial Conduct Authority’s report, which examines 17 banks’ control of their financial crime risks connected to their international trade finance activities, the banks reviewed largely have effective controls in place to ensure they don’t deal with sanctioned entities. But their...
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