Working groups to analyse AML rulings
LONDON – Two working groups will shortly weigh in on recent regulatory changes to the UK’s approach to anti-money laundering, according to Martin Owen, head of the financial crime policy unit at the Financial Services Authority (FSA). Owen was speaking at an AML conference in Vienna in late September.
Owen said a ‘know your customer’ (KYC) working group the FSA had established will be producing a progress report in October on the rules the government imposed on the industry in this area. The group, composed of more than 45 individuals drawn from financial services, law enforcement and regulatory agencies, has spent several months on a variety of questions. These include the value of asking potential clients for a proof of address in the form of a utility or phone bill; what the real needs of
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