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Small firms 'should do more to tackle money laundering'

Small firms 'should do more to tackle money laundering'
While large and medium-sized financial services organisations are tackling the issue of money laundering, small business should be doing more, it has been suggested.

According to the Financial Services Authority (FSA), larger companies are adopting a more risk-based approach and engaging management in tackling money laundering risks, but small firms still have room for improvement.

"Most firms are taking their anti-money laundering obligations seriously and general compliance is good, but there are areas where some firms need to increase their focus," stated Philip Robinson, director of financial crime and intelligence at the FSA.

He added that small organisations also need to ensure that their employees are properly trained concerning the issue.

An independent body, the FSA regulates the financial services industry. It aims to promote efficient, orderly and fair financial markets, as well as help retail financial service consumers get a fair deal.