It has long been a bone of contention in London that, in particular, US, Japanese and German banks set up local systems to comply with their head office measures, even where those fall short of requirements in the UK. In the case of US and Japanese banks, it's been a matter of arrogance. In the case of German banks, it started off as arrogance but that was complicated by the creation of "passported institutions" where a number of financial institutions have argued that home regulation trumps UK law and regulation. The FCA has had enough of that nonsense and has issued its biggest fine to date for money laundering control failures.
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