Has the FCA Started As It Means To Go On?

May 17, 2013

Has the Financial Conduct Authority (“FCA”) in the UK started as it means to go on? The FCA recently fined a UK subsidiary of a private Swiss Bank for failing to establish and maintain effective anti-money laundering controls for high risk customers. The total fine amounted to £4.2 million, which included a 30% discount due to the bank’s cooperation with the FCA over the matter. Importantly in its decision, the FCA noted that while the bank was a firm which had good policies and procedures on paper, in practice it manifestly failed to ensure that it was addressing its AML risks.

Read “Has the FCA started as it means to go on?“.