Surprisingly, some firms are still not complying with the Money Laundering Regulations and the FCA’s oversight requirements for anti-money laundering compliance. For organisations such as Guaranty Trust Bank (UK) Limited, it appears that a past FCA fine totalling £525,000 in August 2013 for major AML systemic failings, was insufficient to make the bank review and revise their money laundering program! At the start of 2023, the FCA once again handed out a fine to Guaranty Trust Bank (UK) Limited.
This time the bank was issued with a fine for a massive £7,671,800 for serious weaknesses in its AML systems and controls. The latter breaches occurred between October 2014 and July 2019 and were noetd by the FCA as being due to the bank failing to undertake adequate customer risk assessments and not adequately monitoring customer transactions.
AML Policies, Controls & Templates
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Complying with the financial crime regulations and standards is more than just having an AML policy in place. You need to ensure that you are able to provide completed risk assessments, due diligence checks, transaction monitoring procedures and client monitoring. Join over 7500 organisation who trust the Know Your Compliance Limited templates to gain and maintain compliance in over 20 regulatory areas.