When taking into account government or regulatory alerts, the FSA has instructed companies to develop a more stringent approach which will help them manage the risks that money laundering and information security pose to their businesses.
Commenting on the use of the alerts in his speech at the City and Financial conference, Philip Robinson, director of the Financial Crime and Intelligence Division at the FSA said: "If we are to truly operate the sort of intelligence led, alert driven, risk based approach to reducing financial crime we have been working for, and the industry has been asking for, then the industry needs to respond to alerts when given."
