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Funds News

UK banks need better anti-money laundering controls, says watchdog

LONDON, Sept 24 (Reuters) - Britain’s banks need better controls to crack down on dirty money, the Financial Conduct Authority (FCA) said on Thursday.

“There is a challlenge here,” the FCA’s head of enforcement Mark Steward told the watchdog’s annual meeting.

“We know firms take this seriously and spend a lot of money on systems and controls. Those are still in many cases not yet good enough to do that job and something really needs to happen,” he added.

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