Money laundering rules hit net finance firms
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Companies offering online services such as stockbroking and spread betting face sweeping changes to the way they deal with their customers under new rules to combat money laundering. From 30 November this year, the kind of scrunity that only banks have hitherto had to undergo will apply to anyone involved in selling financial services. The Financial Services Authority, which has written the new rules and will be responsible for putting them into effect, has identified a number of groups which are most at risk of being used by criminals to “wash” their ill-gotten gains. Groups offering online finance, as well as credit unions and independent financial advisers (IFAs), have not faced such stringent scrutiny before, the FSA said. “There’s going to be a massive change,” said FSA spokesman Patrick Humphries. More : news.bbc.co.uk |