UPDATE 1-Top UK regulator sees problem with foreign money laundering rules

martes 4 de noviembre de 2014 10:37 GYT
 

* BoE deputy governor says money laundering rules damaging

* Some emerging economies cut off from financial markets

* Comments follow hefty U.S. fines for European banks

* BoE also sees some hit to liquidity from EU regulation (Releads with comments on money laundering)

By David Milliken

LONDON, Nov 4 (Reuters) - The over-zealous application of anti-money laundering rules is hampering British banks abroad and cutting off poorer countries from global financial markets, a top Bank of England regulator said on Tuesday.

BoE deputy governor Andrew Bailey, who heads the arm of the central bank in charge of most day-to-day financial regulation, said British banks risked being put out of business if they tripped up on foreign money laundering rules.

British banks including HSBC, Standard Chartered and RBS have been fined hundreds of millions of dollars by U.S. regulators in recent years, although Bailey did not mention the United States directly.

Banks fear they could be held liable even if they are only indirectly connected to someone involved in money laundering, and HSBC's chairman Douglas Flint said in August that this was hurting poorer countries.   Continuación...