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

Premium November 9, 2023

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.

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LATEST: IMF, World Bank working on tokenising finanacial instruments; will encode tokens to tackle money laundering

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NEWS: ‘Serious deficits’ found in Bitcoin’s German bank, futurum; BaFin issues deadline to fix failings

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NEWS: Extradited Italian mobster offers up his private island in Dubai for lenient sentence

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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LATEST: IMF, World Bank working on tokenising finanacial instruments; will encode tokens to tackle money laundering

 Premium

NEWS: ‘Serious deficits’ found in Bitcoin’s German bank, futurum; BaFin issues deadline to fix failings

 Premium

NEWS: Extradited Italian mobster offers up his private island in Dubai for lenient sentence

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