FSA set to probe corruption in asset manager review

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The FSA is set to probe the asset management industry in a review of the risks of bribery, corruption, sanctions and money laundering, according to law firm Dechert LLP.

A statement from the firm said 22 groups have already been identified for review. Dechert warned the industry: "All asset managers, whether they are to be visited by the FSA or not, should review their compliance in these areas." It said compliance failings in any of the areas "could lead to very significant adverse consequences". The FSA and other enforcement agencies have focused on these areas in relation to other types of financial firms, but now asset managers are also to be scrutinised. The UK's new Bribery Act, in force for just over a year, has put a fresh onus on all comm...

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