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LATEST: UK professional bodies ‘lack the teeth’ to enforce AML rules, warns FCA

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FILE PHOTO: Signage is seen for the FCA (Financial Conduct Authority), the UK's financial regulatory body, at their head offices in London, Britain March 10, 2022. REUTERS/Toby Melville/File Photo

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INSIGHT: OFAC fines US person $3.77m for Syria sanctions breach – here are the lessons for businesses

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LATEST: Four Swiss professional associations form AML alliance

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NEWS: Customs and VAT fraud causes €45bn of ‘damage’ to EU, officials say

By PAUL O’DONOGHUE, Senior Correspondent

UK professional body supervisors “lack the teeth” to deter firms from breaching AML rules, the FCA (Financial Conduct Authority) has warned.

The assessment comes in the latest report from the Office for Professional Body Anti-Money Laundering Supervision (OPBAS), which sits within the regulator.

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Premium

INSIGHT: OFAC fines US person $3.77m for Syria sanctions breach – here are the lessons for businesses

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LATEST: Four Swiss professional associations form AML alliance

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NEWS: Customs and VAT fraud causes €45bn of ‘damage’ to EU, officials say

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