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FCA ready to bares its teeth..


If we needed further proof that money laundering is a top priority, we need look no further than recent actions from the FCA.

In his recent speech, Mark Steward of the FCA spoke about 'purposeful' anti-money laundering controls. He noted that, at the time of his speaking, the FCA

  • Had no less than 42 live investigations and that, in the past twelve months, two of the biggest penalties imposed on UK firms were in relation to failure to address financial crime and AML risk.

He goes on to stress controls must be 'efficient and courageous in identifying suspicious activity. '

What does this mean?

Well, it seems clear that the regulator is looking for much more than simple rules-based compliance in their audits and that they sense an 'overreliance placed on statements of the deal team'.

In other words all too often, commercial pressures to 'do the business' prevail.

It's time for compliance teams, supported by their senior management, to take a stand.

You can read the speech in full, here.