FCA moves to halt money laundering via Post Offices
By Abigail Townsend
Date: Monday 24 Apr 2023
(Sharecast News) - A series of measures are being introduced to crack down on money laundering through Post Offices, it was announced on Monday.
The Financial Conduct Authority said "hundreds of millions" of pounds were estimated to be laundered through the cash deposit channel at the Post Office each year.
It has therefore announced a series of measures for banks, including moving away from paying-in slips in favour of card-based transactions, to improve monitoring; training staff to spot suspicious patterns of activity; and reducing cash deposit limits to below the existing limit of £20,000 per transaction.
The FCA said the measures, part of its three-year programme to reduce financial crime, had been drawn up in consultation with the National Economic Crime Centre, industry and government.
Sheldon Mills, executive director of consumers and competition at the FCA, said: "We have worked in partnership to ensure people and businesses can still draw on the vital cash banking services provided by the Post Office while addressing gaps that criminals could abuse."
According to the FCA, 6% of adults used cash to pay for everything in the 12 months to May 2021, with that figure increasing to 9% for those in vulnerable circumstances.
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