British regulators have written an unusually blunt letter to the CEOs of the UK’s largest banks ordering them to conduct a full financial crime risk assessment of their processes to detect money laundering, sanctions evasion, terrorist financing and fraud among their clients.

The Bank of England’s Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) said the letter responded to several high-profile failures of commodity and trade finance firms with significant financial loss during the past 18 months.

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