Trade finance AML in banks 'generally weak', UK regulator finds
Red flags on the high seas
Turning a blind eye to where funds come from is “not acceptable”, Martin Wheatley, CEO of the UK Financial Conduct Authority told the FCA Financial Crime Conference on 1 July and individual senior managers will, increasingly, have to attest that AML systems and remediation projects are compliant. The regulator expects “progress to be made today”. Well he might as the scale of the challenge emerged in the latest thematic review report on trade finance.
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Jul 2 2013