We have a big regulatory agenda that we need to undertake to deliver this new approach. We are working with the rest of CoFR and industry to prioritise the work ahead, and to ensure that the impact on the firms we regulate is manageable.
We considered all the possible negative outcomes that could be triggered by those actions. Ultimately, however, we did not hesitate, and would not hesitate to do it again, under similar circumstances. Banks must steer away from being used as conduits for ill-gotten funds.