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09 Feb 2017

FCA issues record fine for Anti-Money Laundering (AML) control weaknesses

“Other firms should take notice of today’s fine and look again at their own AML procedures to ensure they do not face similar action.” Mark Steward, Director of Enforcement and Market Oversight, FCA. In light of the FCA’s decision to issue a record fine of £163m for “failing to maintain an adequate AML control framework”, there’s an immediate requirement for firms to review their AML control frameworks.

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