Continuing a process that was stepped up in the wake of the FSA’s general review of banks and money laundering risk in 2010, the enforcement and financial crime division of the FCA fined Guaranty Trust Bank (UK) £525,000 for failures in its anti-money laundering controls.
Under the leadership of Tracey McDermott a growing number of financial institutions (including RBS, Coutts and EFG Private Bank) have faced enforcement action for breaches of the Money Laundering Regulations or under the Financial Services and Markets Act. We understand that at least two more similar actions are pending. As the FCA’s Anti-Money Laundering Annual Report 2012/2013 makes clear, money laundering compliance remains a key part of the FCA’s enforcement work. The FCA continues to negotiate at EU level in relation to the Fourth Money Laundering Directive.