In the wake of international events and high profile reviews, the fight against money laundering is at the top of the agenda for both Government and the FSA. Due to the resulting focus on Know Your Client ("KYC"), the quality of documentation on your customers is under intense scrutiny.

Six high street banks have undertaken to review, and where necessary rectify the information they hold on their entire customer base. While the FSA has refrained from requiring all financial services firms to follow suit, each firm must make its own assessment of how best to ensure that it 'knows' its customers, regardless of when they were acquired. Regulated firms must also be able to demonstrate that their current procedures for customer acceptance are operating robustly, and that they provide an effective basis for the reorganisation of unusual transactions. Recent high-profile fines for weaknesses in money laundering controls underline the regulator's determination in this area.

For more information download our Know Your Client Flash (KYC) - The 1-day review brochure.