The FCA issued a 'Dear CEO' letter on 21 May 2021 to retail banks as a call for action to be taken in response to common control failings identified in anti-money laundering frameworks. 

As reported by The Guardian on 30 July 2021, the FCA has said it is investigating digital bank Monzo over potential breaches of anti-money laundering and financial crime rules. Monzo said it was cooperating with the investigation, which was in its early stages but could lead to civil and criminal charges. 

The 'Dear CEO' letter was a pointed warning to all CEOs for the future. The FCA stated that persistent failings have resulted in regulatory intervention in the form of the appointment of a skilled person review, business restrictions and enforcement action, and this will continue. To avoid such interventions, now is the time for the retail banking sector to heed the FCA's warning to act on it.

Ince offers an AML service as developed with your business in mind. Ince in partnership with Yoti, eLegal Technology and Arachnys has also launched an integrated digital KYC solution.

Please note this article was written by Annette Fong, who is no longer with Ince. If you would like any advice in this regard, please contact Julia Dao.