Anti-Financial Crime & Financial Crime Compliance
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AML, Banking, Financial Services, UK

LATEST: UK banks cut daily limits on post office cash deposits following ‘hundreds of millions’ annual dirty money alert by FCA

POST OFFICE FINCRIME. Britain's National Economic Crime Centre estimates that hundreds of millions are laundered each year through the cash deposit channel at UK post offices, making its way into the mainstream banking system.

MANY UK banks are announced plans to cut daily cash deposit limits by their customers at post offices following the FCA’s money laundering alert earlier this week. Bank of Ireland — which provides banking services for UK Post Office customers — lowered its cash deposit limit to £2,000 on Thursday. Now AIB Bank, Co-operative Bank…

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