View more on these topics

Small firms must do more to tackle money laundering

The Financial Services Authority says that while large and medium sized financial services firms are doing their bit to tackle money laundering, small firms could still do more.

The regulator has today published the findings of its first industry wide review into how well firms are managing the risks that money laundering poses to their business.

The review covered large, medium sized and small firms across each sector in the financial services industry.

The results show that larger firms are adopting a more risk based approach and engaging senior management in tackling money laundering.

Medium sized firms are also largely managing their money laundering risks appropriately.

But there is still room for improvement in smaller firms particularly in relation to staff training and regular risk assessments.

Philip Robinson, director of financial crime and intelligence at the FSA, says: “Most firms are taking their anti-money laundering obligations seriously and general compliance is good, but there are areas where some firms need to increase their focus.

“Particularly around issues like Politically Exposed Persons and understanding their responsibilities in relation to any HM Treasury sanctions.

“Small firms also need to ensure that their staff are properly trained and that reviews of their AML procedures are carried out regularly.”

Recommended

Praxis joins PMPA

Praxis has joined the Professional Mortgage Packagers Alliance, increasing the organisation’s membership to 15. Birmingham-based Praxis joins, among others, Countrywide Mortgage Centre, Premier Mortgage Packagers, and Platinum Lending.Vic Jannels, PMPA’s chairman, says: “From our discussions with our lender panel we are aware that lenders are looking for strong relationships with larger distributors that deliver quality […]

BUDGET 2008: Darling ups borrowing forecast to £43bn

Darling has increased his borrowing forecast to £43bn for 2008-2009.The Chancellor says borrowing has dropped 1.25 since 1997 and that debt has dropped by 36.6% of gross domestic product since 1997.He says government borrowing will not breach 40% of the national GDP.

Platform added to Lendersonline

Platform has been added to the Lendersonline specialist sourcing system.Lendersonline says the system, which has an integrated Equifax credit search and gives instant credit searched quotes, has seen greatly increased usage since the liquidity crisis.Bill Thomson, managing director of Lendersonline, says: “We are delighted to add Platform to the system. Even with the recent exit […]

BDS looking to expand satellite packagers

BDS Mortgage Group is looking to have 60 satellite packagers on board by the end of the year.BDS has grown this by almost a quarter over the last month due to lender pressure within the market.BDS has reported a flood of enquiries from small packagers being squeezed from the market by lenders wanting to reduce […]

Newsletter

News and expert analysis straight to your inbox

Sign up