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Banks facing AML enforcement jumps to five, FSA official reveals

Oct 19 2011 Martin Coyle, Regulatory Intelligence

As many as five banks are under investigation by the Financial Services Authority's (FSA) enforcement division for possible anti-money laundering breaches following the regulator's recent review in the area, an official said. It had previously been thought that only two banks faced enforcement action. Edna Young, FSA strategy specialist for financial crime and intelligence, said that the banks were being investigated by the FSA's enforcement team for financial crime failings, but declined to add further details. She was speaking at the City & Financial anti-money laundering conference earlier this week. The FSA had said in June that two unnamed banks faced enforcement action related to their handling of high-risk customer relationships. The damning report uncovered "serious weaknesses" in banks' systems and controls and found that three-quarters of them were not handling the management of their money laundering risks adequately. The majority of failings were related to the handling

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