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The FCA are proposing updates to its Financial Crime Guide


The FCA are proposing.

  • Updates to the Financial Crime Guide in relation to sanctions, proliferation financing and transaction monitoring.
  • The update includes:-
    • Cryptoassets
    • Consumer Duty, AND
    • Consequential changes throughout the Guide.

The key proposals for changes are:

  • Sanctions – The FCA are proposing extending chapter 7 to include a variety of new items. [THIS IS THE LARGEST PART OF THE UPDATE].
  • Proliferation Financing - Updates to bring the guide inline with MLR changes from 2022 on identifying proliferation financing.
  • Transaction Monitoring [TM] - 4 specific areas to consider after the FCA have identified a need for further guidance due to poor deployment of TM solutions.
  • Crypto Assets - 4 areas around supervision of Cryptoassets to ensure further alignment to the guide rather than using it as just a reference point.
  • Consumer Duty - Inclusion of additional text reminding firms that consumer duty should be considered alongside financial crime obligations.

With these changes, the FCA want to:

  • Help firms understand what they expect.
  • Help firms assess the adequacy of their financial crime systems and controls.
  • Remedy deficiencies

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