The FCA has set forth measures designed to reduce money laundering risks via the Post Office, and has brought together partners to ensure that legitimate customers can continue to use the Post Office for Everyday Banking.

The measures include:

  • A move towards card-based transactions over paying-in slips to allow for enhanced monitoring;
  • Training staff to identify patterns of suspicious activity;
  • Enhancing banks’ monitoring capabilities to aide in the identification of suspicious activity;
  • Reducing cash deposit limits at the Post Office, to below the current limit of £20,000 per transaction;
  • Reducing the time taken to submit Suspicious Activity Reports to the NCA to allow them to take timely action; and
  • Improving intelligence sharing between firms, law enforcement, and the FCA.

Firms should take note of the measures and remain alert to the risks of cash-based money laundering through Post Office accounts.

https://www.fca.org.uk/news/press-releases/financial-watchdog-puts-banks-alert-fight-against-money-laundering-post-office

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