FSA Relaxes Money Laundering Rules
Financial Services Authority is to streamline anti-money laundering requirements
27th January 2006
The Financial Services Authority (FSA) has confirmed that is to remove a whole swathe of detailed rules designed to prevent money laundering.
Financial firms such as banks have to follow strict rules and guidance issued by the FSA, with the aim of making it harder for criminals to move funds around the financial system. However, the rules were criticised by many as being unwieldy and no longer neccessary.
From March, the rules will no longer apply, and will be replaced by a general requirement that firms have their own strong controls and anti-crime policies. Firms will have until August this year to become fully compliant with the new regulations, and to have their own policies in place.
The move is part of a wider repositioning of the FSA as a high-level, principles-based regulator rather than today's 'fine detail' approach.
Read More: FSA to streamline money laundering rules for firms
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