Thursday 09 February 2012 | RSS Feed

One week to money laundering deadline

Businesses, such as those that lend on commercial terms or offer financial leasing, have only until June 15 to register with the Financial Services Authority (FSA) for supervision of their anti-money laundering controls,



9 June, 2008

If they don’t register then they face a potential civil or criminal sanction.

The relevant businesses include any that:

• Issue credit cards, banker drafts and travellers cheques;

• Provide finance advisory services in relation to mergers and acquisitions;

• Lend on commercial terms;

• Offer financial leasing - this does not include operating leases or hire purchase agreements;

• Offer guarantees and commitments using banking industry products; and

• Offer safety deposit boxes or other secure storage for high value physical items such as jewellery and documents of title.

More information including detailed guidance notes on registration is available from the FSA website.




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