Market enforces

Timon Molloy, Editor (timon.molloy@informa.com)

Margaret Cole, a past head of enforcement at the UK financial services regulator, liked to talk about 'credible deterrence'. In frustration borne of the same Financial Conduct Authority's findings of woeful disregard of its AML rules in the June 2011 thematic review, 'Banks' management of high money-laundering risk situations' [1], I wrote a leader entitled 'Incredible indifference to credible deterrence' [2]: the question, some seven years later, is, has firms' behaviour improved, and not just in the UK, and if not, is there a better way to enforce compliance?