The Financial Conduct Authority (FCA) has published its first annual report on anti-money laundering (AML).
The publication focuses on the ways in which FCA regulated-firms, including insurance brokers, may be vulnerable to being used by money launderers.
It noted: “The international nature of the UK financial markets, and the range of financial services they offer, mean they are attractive to all types of business, both illegitimate and legitimate.”
The report listed several emerging risks to firms including the use of electronic money issued in countries with limited regulatory oversight and the potential misuse of communications networks - particularly where firms and staff and end-consumers unaware of the risk and issues.
