Article: FCA warns retail banks over money laundering

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FCA warns retail banks over money laundering

James Hurley, 17 July 2021

The City regulator has warned bosses at Britain’s biggest retail banks that they must do more to stop money laundering or face personal consequences for failing to comply with the rules.

In a letter to retail banking chief executives, David Geale, director of retail banking and payments supervision at the Financial Conduct Authority, said “some firms have fallen short” in adherence to rules governing anti-money laundering and terrorist financing.

Geale warned that bank bosses could be personally liable for the failings because the senior managers’ regime “places a responsibility on all senior management to counter the risk that their firm might be used to further financial crime”.

The regulator said that in future it would consider whether senior executives should face sanctions.

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