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Financial sector faces money laundering fines. Companies accused of inadequate document management, writes Kim Thomas.
UK financial services companies could face [pounds sterling]230m in fines because their document management is inadequate to support anti-money laundering procedures, according to a report from Anacomp, a provider of outsourced information management services.
The report found that only 43.5% of financial services companies had effective document management procedures and policies. Large financial institutions were as likely to be at fault as small ones, it found.
The lack of proper procedures exposes the sector to the possibility of fines under the Financial Services Authority's (FSA) anti-money laundering rules. "The FSA has teeth now and is using them," said Chris Haden, managing director of Anacomp UK.
The FSA regulations affect not just banks, but all deposit, savings and investment product companies, including building societies, stockbrokers and fund managers.
The FSA Handbook of rules and guidance states as a ...
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Source: HighBeam Research, Financial sector faces money laundering fines. Companies accused of...