Following the big fine from the FCA to Commerzbank earlier today, Nick Bayley, Managing Director and Head of UK Regulatory Consulting at Duff & Phelps said:

“This action by the FCA reinforces the level of work required by firms to meet their AML obligations. The UK regulator’s continued concern about firms’ money laundering control is a focus we see mirrored across all the other major financial centres in the world.”

“Regulatory penalties require a devotion of significant management time and financial resources over many years to remediate the issues raised.  This ‘hidden cost’ is something one can often forget when looking just at the fine amounts imposed by the regulator. It is important that firms do not underestimate the level of work required to meet AML regulatory obligations”