UK firms face AML fines
LONDON –UK financial services companies face £230 million of potential fines over inadequate document management for anti-money laundering measures, according to an October report from information management firm Anacomp.
The report notes: "So long as the twin threats of international terrorism and cross-border criminality remain high in the nation’s and the government’s consciousness, money laundering will not disappear as a priority regulatory issue for the FSA [Financial Services Authority] and the institutions it watches over."
Anacomp notes that the average FSA fine for institutions falling short on the anti-money laundering issue is currently £1 million. The report also says that only 43.5% of UK financial
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