21 October 2017
visit www.atos.net

FSA scraps anti-money laundering proposals

22 July 2003  |  7218 views  |  0 FSA scraps anti-money laundering proposals

The Financial Services Authority has scrapped proposals to make all UK financial institutions undertake a special review of their current customers' identity.

The FSA had been contemplating the rule change to bring the sector into line with the six largest banks, which had independently decided to extend their own anti-money laundering checks to cover historical accounts held by millions of customers.

The watchdog backed away from the plans following a study by PricewaterhouseCoopers that showed that time and IT costs were prohibitive and that any new regulatory obligation would unduly inconvenience customers. PwC estimated that the total cost to the industry of such a move could run to over £170 million.

Carol Sergeant, FSA managing director, says: "This was a difficult decision but given the findings, across the whole of the regulated sector, of the cost-benefit analysis, we could not be satisfied that a mandatory approach would be justified."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

FSA extends deadline for trading system rule changes

FSA extends deadline for trading system rule changes

01 July 2003  |  3379 views  |  0 comments
Royal Bank of Scotland fined over money laundering failures

Royal Bank of Scotland fined over money laundering failures

17 December 2002  |  6056 views  |  0 comments
UK banks extend crackdown on money laundering

UK banks extend crackdown on money laundering

15 July 2002  |  3856 views  |  0 comments
Financial firms have no faith in anti-money laundering software

Financial firms have no faith in anti-money laundering software

05 July 2002  |  4331 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Register nowvisit www.niceactimize.com

Top topics

Most viewed Most shared
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
9148 views comments | 22 tweets | 26 linkedin
satelliteGates Foundation backs Ripple collaboratio...
8737 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7853 views comments | 9 tweets | 17 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
7345 views comments | 10 tweets | 22 linkedin
Eight banks form joint venture to launch blockchain trade platformEight banks form joint venture to launch b...
6962 views comments | 14 tweets | 23 linkedin

Featured job

Competitive base + commission + benefits
Denmark, Finland, Iceland, Norway or Sweden

Find your next job