FCA Asked To Clarify Risk-Based Money Laundering Rules

UK payments lobbyists are asking regulators for more details on anti-money laundering (AML) liability, in an effort to tackle the “de-risking” problem of banks abandoning certain categories of customer.

Last week, the Emerging Payments Association (EPA), a trade group, put out a white paper asking authorities to provide more explicit guidance on where blame lies for allowing financial crime to go undetected.

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