Record Deutsche Fine A Shot Across The Bows For UK Banks

By Mark Taylor (January 31, 2017, 9:54 PM GMT) -- The Financial Conduct Authority's record £163 million ($205 million) fine levied against Deutsche Bank AG on Tuesday will force all banks operating in Britain to review their defenses against financial crime to detect weaknesses or risk similar consequences, legal experts warn.

The agency's first fine of the year followed months of warnings that it was stepping up its campaign to root out dirty money from the U.K. banking system. Lawyers advising banks on financial crime called it a warning shot from new FCA Chief Executive Andrew Bailey that banks can't ignore.

"This latest fine contradicts any complacency that Andrew Bailey's leadership...

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