Firms have until 30 January next year to comment on the Reducing money laundering risk discussion paper, which the FSA will use as a basis for deciding whether more formal rules need to be included in its handbook.
The move will finally bring the UK financial sector in line with the rest of Europe in reducing the current three-day clearance time for electronic banking payments. Apacs has now said the new system will be introduced by the end of 2007 and that...
We have had great success in reducing benefit fraud. The DWP said while many benefits are linked to each other, business processes are not fully automated so errors can creep in as staff have to make calculations offline.
An essential investment that companies must make in their compliance efforts is in tools for automating and improving auditing and reporting capabilities. The benefits accruing to companies that achieve regulatory compliance include improved...
The EC is also looking at creating a European Border Surveillance System with the aim of preventing unauthorised border crossings, reducing the number of illegal immigrants dying at sea and reducing cross-border crime within the EU.
The biometric data would be stored on documents or cards, not on a central database, making the information faster to process and reducing the security risk. Automated biometric systems will eventually replace the often laborious system of repeated...