UK banks must do more to fight dirty money, says BoE’s Woods

LONDON (Reuters) – Britain’s banks need to do more to fight dirty money or risk facing more severe fines, Bank of England Deputy Governor Sam Woods said on Tuesday.

“If the banks get this wrong, then costs for them are very severe, as you have seen in recent years the big fines here in the UK and in the U.S.,” Woods told Bloomberg TV. “They have been doing a lot but they’ll need to do more, and unfortunately this is one of those things that the job is never done.”