As reported in FinTech Global on 12 August, the Financial Conduct Authority's (FCA) annual report revealed that it received a total of 2,754 allegations of financial misconduct in 2020/21, including fraud, money laundering and compliance complaints.
The report stated that having committed to strengthening its AML supervision, the FCA has increased the number of firms that need to submit financial crime-related data. The FCA will be performing more in-depth assessments of higher risk firms and having greater supervisory intervention across the rest.
The uncertainty and disruption created by the Covid-19 pandemic continues to provide fertile ground for the heightened risks of financial crime. Businesses must ensure that their compliance, due diligence processes, systems and controls are effective, efficient and reviewed.
My colleague Annette Fong's recent article highlighted the FCA's efforts to fight financial crime with the 'Dear CEO' letter to all retail banking firms, setting out the action expected on their anti- money laundering framework.
the fight against financial crime can’t be won by the regulators alone, and businesses from all sectors must improve the efficiency and effectiveness of their onboarding processes, compliance and due diligence,