Out-Law on 21st November published an article says that new figures from the FCA show that suspected money laundering and financial crime continues to be an area of significant concern to the UK financial services industry.  The FCA introduced a new requirement in 2016 for certain financial services firms, including all UK-based banks and building societies, to provide it with intelligence on current financial crime-related threats and trends.  The article notes that the report says that firms refused to provide services to a total of 1.15 million prospective customers for financial crime-related reasons in 2017, which the FCA said “might be because the prospective customer was thought to pose an unacceptable fraud or money laundering risk”.  Firms also turned away 375,000 existing customers for similar reasons.  Worries about financial crime led to firms ending nearly 800 introducer relationships, including over 100 with ‘appointed representatives’, according to the report.

The report itself is at –



Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s