07 Apr 2016
This week saw the publication of the FCA’s 2016/17 Business Plan. The plan shows that the UK regulator intends to prioritise seven key areas over the period: pensions; financial crime and anti-money laundering; wholesale financial markets; advice; innovation and technology; firms’ culture and governance; and treatment of existing customers.
In respect of its plans to enforce adequate AML controls across the financial industry, the FCA says that it will be rolling out is ‘Financial Crime Annual Data Return’, enabling it to target firms which are at a higher risk of being used in financial crimes. It has also emphasised its commitment to whistleblowers, anticipating that new rules in this area will encourage those with suspicions to come forward with intelligence.
The FCA says that it will be working closely with the Treasury on the EU’s Fourth Money Laundering Directive (4MLD), which requires implementation by mid-2017.
The FCA’s indicators of success will include an improvement in firms’ AML controls, measured through scores from its routine AML supervisory work. It also says that it intends to see an improvement in the perception of the UK’s AML regime from international assessors and overseas authorities.
The FCA works with the Serious Fraud Office, the National Crime Agency, the City of London Police and other enforcement agencies to take action against firms and individuals who may have committed financial crime.
Advance your CPD minutes for reading this article, by signing up and using the CPD WalletFREE CPD Wallet