The BBA is now integrated into UK Finance. Please go to www.ukfinance.org.uk for new content and updates from UK Finance.
Material published by BBA prior to 1st July 2017 is still available on this website.
From 1 July 2017, the finance and banking industry operating in the UK will be represented by a new trade association, UK Finance. It will represent around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation will take on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.x
BBA members are highly committed to tackling financial crime. Firms closely examine the FCA financial crime guide to ensure that systems and controls are updated to reflect evolving regulatory expectations. The BBA is therefore pleased to respond to consultation GC 14/7 on behalf of the banking industry.
The banking industry has welcomed the useful dialogue with the FCA on AML/CTF and sanctions compliance matters over recent months. We hope to continue the constructive discussions on the proposed changes to the FCA Guidance in particular around Source of Wealth and Source of Funds.
We note that the 4th EU Money Laundering Directive is now finalised and EU Guidelines will now be developed. We will be working with our members to consider how resources can be best deployed to meet the FCA expectations and the new EU requirements, whilst prioritising efforts against the highest priority financial crime risks.
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