The Financial Services Authority (FSA) has welcomed action by the six major UK banks to undertake an anti-money laundering initiative to re-conform the identity of their existing customer bases.
The initiative, in close association with the FSA, will ensure the UK banks are at the forefront of international best practice in tackling money laundering and terrorist financing.
FSA managing director Carol Sergeant said: "We fully support the banks' risk-based approach...In tackling this issue banks and other firms may need to seek information from some existing customers.
"Just as we know that our security when flying depends on being prepared to wait while our baggage is checked, I hope that those customers who are contacted by their banks will recognise the public interest in co-operating with any necessary."
