Guy Wilkes, Partner in the Finance and Banking Disputes Group, was quoted in a Compliance Complete article on the FCA explicitly seeking criminal prosecutions under Money Laundering Regulations. Guy said:
Firms should continue to take their AML obligations seriously and the fact that the FCA are now using criminal powers should not change what firms are doing. If there is any indication that the firm has not complied with its AML obligations, it needs to carefully consider if a self-report needs to be made to the FCA. Where individuals are likely to be in the firing line of investigations then they may need to seek their own advice independent to that of the firm.
The article was first published in Thompson Reuters's Compliance Complete. Read the full article below.