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UK retail banks show ‘several common weaknesses’ in financial crime frameworks, FCA says

( June 29, 2021, 14:05 GMT | Official Statement) -- MLex Summary: UK retail banks should take action to rectify “several common weaknesses” in anti-money laundering frameworks identified by the Financial Conduct Authority, it said in a letter published today. The FCA said it is “very disappointed” to continue to see retail lenders falling short in requirements relating to money laundering, terrorist financing and funds-transfer rules. Firms should conduct a gap analysis by Sept. 17, the regulator said in the letter sent on May 22. The authority said it would take action if remedial measures are inadequate.Letter attached....

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