FCA AML report raises concerns about money service business going underground
UK regulator's first annual AML report highlights risks of closing certain banking services
Closing bank accounts of money services businesses (MSBs) may drive money-laundering risks underground rather than eliminating them, the UK Financial Conduct Authority (FCA) has said in its first annual report on anti-money laundering (AML).
The report names MSBs as being at particularly high risk of abuse by those seeking to launder money or finance terrorism.
MSBs are in the news this month after Barclays – the last UK bank to hold accounts for MSBs sending money to Somalia – announced it was
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