UK: FCA fires warning shot at capital markets over money laundering exposures


August 12 2019

A thematic review into the money laundering risks across capital markets by the UK Financial Conduct Authority (FCA) identified a catalog of concerns, which industry experts say market participants would be foolish to ignore.

“Senior managers who have anti-money laundering (AML) and financial crime responsibility on their docket need to be reading this, as their personal ‘to-do list’ of items to work through, because it is now their neck on the line as well as the firm’s, if the firm is not up-to-scratch on tackling money laundering risks,” said Lucy Kerr, senior associate for financial regulation at law firm RPC in London.