Anti-Financial Crime & Financial Crime Compliance
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Compliance, Financial Crime, Financial Services, Regulatory, UK

NEWS: Wealth managers, stockbrokers ‘inherently high risk’ for fincrime, money laundering, warns Britain’s FCA in ‘Dear CEO’ letter

AML LAWS: The UN University Centre for Policy Research (UNU-CPR) says that criminalizing knowingly benefiting from human trafficking or forced labour would bridge the gap between the billions made by these crimes and the compensation that is provided to their victims.

By AML Intelligence Correspondent

BRITAIN’s Financial Conduct Authority (FCA) has written to wealth managers and stockbrokers warning their sector is “inherently high risk” for financial crime.

In a “Dear CEO” letter this week the authority starkly reminds the financial chiefs that: “We have seen firms launder the assets of illegitimate clients through greed or
incompetence and others squander or even steal the assets of legitimate clients through frauds and scams,” it notes.

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