On 27 July, the FSA has issued a “Dear CEO” letter to banks which provides observed examples of effective control frameworks, good practice and other key considerations to help banks to assess, and to take steps to gain assurance that their financial crime systems and controls in relation to account warnings and blocks are commensurate with the risk profile of their bank. It is said that the information may also be of relevance to other firms that are subject to the Island’s AML/CFT framework.
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