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Banks launch anti-money laundering initiative

The six major UK banks this week announced an anti-money laundering initiative that will place them at the forefront of international best practice in tackling fraud and terrorist financing.

The risk-based approach, developed in co-operation with the FSA, will re-confirm the identity of existing customers, particularly those who opened accounts before 1994 when the current rules came into place.

FSA managing director Carol Sergeant says: “I hope that customers who are contacted by their banks will recognise the public interest in co-operating with any necessary checks.”

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