An FCA thematic review of Anti-Money Laundering (AML) and Anti-Bribery and Corruption (ABC) Systems and Controls (TR13/9) has identified common weaknesses and the regulator has expressed concern over their findings.
The review involved assessing 22 firms including wealth and asset management firms and fund administrators.
Although the FCA has provided feedback to the firms in the review we are reminded that the FCA expects all firms to consider the findings and the examples of good and poor practice (Chapter 3) to improve their AML and ABC frameworks where necessary. The link to the FCA’s ‘Financial crime: a guide for firms’, which was updated and published in April, may also prove useful.
See also the ‘Money Laundering: HMT Notice’ article in this Regulatory Roundup.