FSA releases critical "Dear CEO" letter on AML reporting
London -- The UK’s Financial Services Authority (FSA) has released another "Dear CEO" letter, this time aimed at the anti-money laundering efforts of financial institutions. The "Dear CEO" format is a controversial one, with many industry executives complaining that the FSA is effectively airing publicly matters that are better discussed in private with firms individually or collectively.
This "Dear CEO" letter lives up to the reputation of its predecessors -- it is highly critical of the annual reports filed with the FSA by firms’ money laundering reporting officers (MLROs). The format for the reports is outlined in the FSA’s Prudential Handbook, while both the British Bankers’ Association and the Building Societies’ Association have published guidance.
The "Dear CEO" letter is critical on a number of fronts. It notes that some reports did not follow the guidance in the FSA’s
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