Overview

The Financial Services Authority has published a thematic review on how banks manage high money laundering risk situations. This brifing focuses primarily on correspondent banking relationships, wire transfer payments and high risk customers - identifying them as areas in need of attention by all banks, small and large. Proposed guidance is also outlined.

The briefing also highlights two recent cases which illustrate how the FSA and the courts are hardening their stance towards those who commit market abuse. In one case, the regulator secured its first criminal conviction for boiler room fraud, and in the other it obtained, for the first time, an injunction restraining an individual from further dishonest actions and also imposed a fine upon him using its new punitive fine system.

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