UK - The financial services regulator has fined Northern Bank £1.25m for breaching money laundering rules.
The Financial Services Authority said the fine demonstrated the importance it attached to its objective of reducing the chance of regulated firms being used for purposes connected to financial crime.
The regulator said it discovered failings in Northern Bank’s customer identification procedures.
Worse still, the bank had previously identified these weaknesses and allowed them to persist.
Here are key takeaways from our 2019 Asset Allocation Outlook on how we are positioning asset allocation portfolios in light of our outlook for the global economy and markets.
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