Anti-money laundering annual report 2015/16
We have a key role in ensuring that financial services firms have adequate, proportionate and efficient safeguards to prevent them being used for financial crime, including money laundering.
We are reporting on our anti-money laundering work over the last year.
3. Findings and outcomes of our supervisory work
Discover what we found during our reviews this year – from positive recognition of AML standards to the challenges that some banks have faced in translating good intentions into a strong AML culture.
4. Policy developments
Our work this year included looking at: how firms identify money laundering risk, fostering innovation and reducing costs in AML, de-risking, and improving effectiveness of AML supervision.
5. Independent assessments of our AML supervision
The International Monetary Fund has assessed our AML supervision of banks, noting significant progress and noting that our supervisory framework for AML operates on a risk-based approach.
6. Working with partners at home and overseas
We played a key role in the Joint Money Laundering Intelligence taskforce in the UK, improving information sharing with other organisations, and also engaged with EU banking supervisors.