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UK banks need better anti-money laundering controls, says watchdog

Thu, 24th Sep 2020 11:42

LONDON, Sept 24 (Reuters) - Britain's banks need better
controls to crack down on dirty money, the Financial Conduct
Authority (FCA) said on Thursday.

"There is a challlenge here," the FCA's head of enforcement
Mark Steward told the watchdog's annual meeting.

"We know firms take this seriously and spend a lot of money
on systems and controls. Those are still in many cases not yet
good enough to do that job and something really needs to
happen," he added.

(Reporting by Huw Jones, editing by Kirstin Ridley)

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