Search for:
Author

Arun Srivastava

Browsing
Arun Srivastava heads Baker McKenzie’s Financial Services Group in London and coordinates the activities of the Firm’s Europe Financial Services Group. Working collaboratively with other financial services practitioners in the region, he provides sound and comprehensive legal advice on regulatory requirements across Europe. Arun spent a year on secondment to the UK Financial Services Authority between April 1999 and April 2000.

The FCA issued a booklet aimed at consumer credit firms setting out good and bad practice on compliance with obligations under the Money Laundering Regulations 2007. While directed at consumer credit firms, the booklet is, of course, relevant to all firms subject to the MLR.

Close supervisory attention to money laundering compliance backed by a steady stream of enforcement cases has resulted in improved standards of compliance.  However, according to the FCA, there continue to be significant and widespread weaknesses in AML and sanctions systems and controls.  The FCA’s latest report on its Thematic Review…