Martin Cheek

Firms must put in place a ‘risk-based’ approach to prevent money laundering.

Steward says that the FCA needs to “enliven the jurisdiction if we want to ensure it is not a white elephant” and says that is what they intend to do when they find strong evidence of “egregiously poor systems and controls and what looks like actual money-laundering”.

Electronic solutions offer the most efficient and reliable identification checks.