Watchdog warns on crime fines

The Financial Conduct Authority has warned banks they are not doing enough to protect themselves from being used for criminal activities and could be fined if they fail to raise their game. Some banks may face punishment for failure to spot abuses in their trade finance business, such as money laundering, sanctions busting or funding of terrorists, the FCA said yesterday. FCA chief Martin Wheatley said that organised crime nets between £20-30bn pounds a year in Britain from illegal drugs.