Wednesday, 24 April 2013

FCA fines EFG Private Bank £4.2m for failures in its anti-money laundering controls


Alas, the FCA have their website up and running and to really no surprise they have already started exposing firms. 

Following an exposure and fine of fraud and AML it was suggested that clear cut factors were being bypassed and no such process on records of how risk were being mitigated. 

When banks take on high risk clients they should ensure that sufficient measures are in place, however with repeated 'red flag' indicators going amiss, it really does make you wonder how many other people have gotten away with bigger anti-money laundering and fraud cases.

Having high hopes for the FCA to follow through in really gaining back the trust of the UK financial industry.

Yet another case of Risk Management looking good on paper but not in practice.

The full article with details can be found here

RISKercizing until next time.