FCA has worked with other organisations such as the National Economic Crime Centre, to work on a package of guidance for banks to strengthen controls against the risk of criminals looking to launder money through the use of Post Office banking services. FCA’s aim is to ensure that legitimate customers who rely on using Post Office services to bank using cash can continue to do so.
However it says there is more work for banks to do in mitigating risks and identifying and reporting suspicions in a timely manner. The new proposals include:
- encouraging use of card-based payments in preference to paying-in slips where possible;
- upskilling of staff to spot suspicious activity and enhancing monitoring capabilities as well as reducing the time it is taking banks to make SARs; and
- reducing the current cash deposit limit of £20,000 – subject to customer arrangements.