TI RAISES WARNS THAT BRITAIN’S BOOMING ELECTRONIC MONEY TRANSMISSION SECTOR MAY POSE A SERIOUS ML RISK
December 2nd, 2021
Anti-corruption group Transparency International (TI) has called on the British government to stiffen AML controls for the UK’s booming electronic money institutions (EMI) sector. It has concluded that ML risk red flags are present at one third of such licenced businesses.
In a detailed report, TI concluded that out of the 261 EMIs licenced by Britain’s Financial Conduct Authority (FCA), 100 had indicators of ML risk, such as being identified in media reports as having poor AML controls or processing criminal wealth. Some had owners, directors or senior ...
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