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NEWS: UK overhauls transaction reporting, says firms will save over £100m a year

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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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By PAUL O’DONOGHUE, Senior Correspondent

THE UK’s Financial Conduct Authority (FCA) has overhauled its transaction reporting regime, saying the changes will reduce firms’ compliance costs by more than £100 million a year.

Key changes include:

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LATEST: BaFin orders NordLB to fix customer-data update failures in AML controls

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NEWS: Capital One bank closed over 300 Trump Organization accounts after AML probe

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NEWS: US banks warn generative AI is ‘industrialising’ scams

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