As part of its focus on financial crime, the FSA has indicated that firms should focus on senior management responsibility, MLRO reports, customer due diligence and training, in addition to suspicious activity reporting and adopting a risk-based approach.
John Tiner, chief executive officer at the FSA, said: “All of us involved in the fight against financial crime have to recognise that risks in this area inevitable involve quickly and our responses have to match them.”
Rob Griffiths, associate director at the Association of Mortgage Intermediaries, said: “We have been supportive of the creation of a division focused purely on fighting financial crime. This affects us all and anything that helps to tackle it is most welcome.”
In addition, the economic secretary, Ed Balls, has published the draft money laundering regulations for consultation. He said: “These regulations will strengthen further the UK’s defences against money laundering and terrorist finance. By taking targeted new measures where the risks are greatest we will crack down further on illegal activity and help force criminals out of the shadows. At the same time our regulations will ensure firms and consumers in low-risk situations face fewer burdens than previously.”
