FSA Fines Money Laundering Officer

Mark Dunn, Manager, Risk & Compliance Services at LexisNexis  commenting on the first fine the FSA has fined a Money Laundering Officer said, "This is the latest indicator that the FSA is toughening up its approach to anti-money laundering compliance. Firms have had almost a year to update their systems and controls since the Money Laundering Regulations 2007 came into force last December.

By fining a money laundering reporting officer for the first time the regulator has sent a clear message that it intends to hold individuals personally accountable. MLROs should take this opportunity to review their anti money laundering procedures. Record keeping in particular is important, to demonstrate that the MLRO has taken reasonable steps to verify the identity of all clients.

As the economic downturn continues to bite we will see a corresponding rise in fraudulent activity. In these challenging times we can be sure that regulators will continue to monitor and penalise firms whose compliance standards slip as profits slump."

About LexisNexis
LexisNexis (www.lexisnexis.co.uk) online services include LexisNexis Butterworths - named Online Product of the Year at the Legal Technology Awards - and Nexis®  the single most powerful global news & business information service. The company has over 1,000 employees in the UK.
In the US, LexisNexis® (www.lexisnexis.com) is a leading global provider of information and services solutions, including its flagship Web-based Lexis® and Nexis® research services, to a wide range of professionals in the legal, risk management, corporate, government, law enforcement, accounting and academic markets. A member of Reed Elsevier [NYSE: ENL; NYSE: RUK] (www.reedelsevier.com), LexisNexis serves customers in 100 countries with 13,000 employees worldwide.

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