Not so long ago, the UK Financial Conduct Authority issued a notification against the retail banks that work in the country. Their problems in financial crimes control were highlighted.
The FCA did research. As a result, it sent a letter to companies expressing that the government had concerns over risk management, due diligence, transaction control, and suspicious activity monitoring.
The FCA announced that retail banks have to solve these issues by upcoming September and then take “prompt and reasonable” steps to solve them. Otherwise, the regulator would take enforcement actions.
