Sonali Bank’s “serious deficiencies” furnish AML lessons

Strong action has been taken by the Financial Conduct Authority against the UK subsidiary of Bangladesh’s largest bank, as well as its Money Laundering Reporting Officer, for a litany of compliance failures. Under the Senior Managers and Certification Regime the regulator will find it easier to take enforcement cases against key staff, warns Ian Mason.

Ian Mason – legal director at DLA Piper – was formerly head of department in the Enforcement Division at the Financial Services Authority as well as a partner at several other international law firms. Contact him on ian.mason@dlapiper.com.

In its recent Mission Statement, the FCA indicated that its next focus is financial crime, including anti-money laundering (AML). Indeed, the robust action taken by the regulator in the Sonali Bank case indicates that the FCA is already showing a firmer line on AML breaches.