The chairman of the Financial Services Authority believes that the time is right to review their money laundering rules. He said that while discussing whether their money laundering sourcebook needed to be replaced, they had come to the conclusion their rules needed to be looked at again, to give more emphasis to the role of senior management and the risk-based approach to tackling financial crime.
It was announced that the regulator would shortly be making workshops available on fraud and money laundering for its supervisory staff, and a specially adapted computer based part of their training package would be available to firms who wanted to use it to train their own employees.
Our view
Generally, the rules that we all adhere to are respected and implemented by all firms. We cannot see exactly how things can be bettered but anything to reduce financial crime has got to be good.