Associations fear regulatory conflicts in FSA’s DP22 proposals

London -- Trade associations responding to the UK Financial Services Authority’s (FSA) Discussion paper 22: Reducing money laundering risk -- Know your customer and anti-money laundering monitoring said they fear that the regulator’s proposed risk-based approach may conflict with AML rules already in existence from other government bodies.

The British Bankers’ Association, responding in early February to DP22, said it fears that the negligence or objective test of an effective AML system in the Proceeds of Crime Act may "be a legal obstacle to acceptance of a risk-based approach." Specifically, firms fear that "if it is argued with hindsight that money laundering was not prevented as a result of a firms’ assessment of risk which it had made in good faith, and the firm is thereby culpable, firms are unlikely to embrace a risk-based

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options

Most read articles loading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here