Of Relevance to:
The FCA has published its Anti-money Laundering Report for 2015/16 on its website.
- Financial crime was a top priority in 2015/16 and will remain so in 2016/17.
- Proactive AML supervision continues via both SAMLP (Systematic Anti-Money Laundering Programme) which covers 14 major retail and investment banks and by way of regular AML inspections for other firms which present a higher risk of financial crime.
- Event-driven supervision relies on intelligence, whistleblowers etc. In the last two years action has been taken in 140 instances.
- A reminder that the financial crime data return (REP-CRIM) comes into force at the end of the year (see ‘FCA Business Plan: 2016/17’ in Regulatory Roundup 75 for further information).
- The FCA notes the use of digital identification and cites an example of an authorisation whose entire processes, including AML, are completely app-based. The FCA proposes to do further work to research and promote innovations in technology which speed up and reduce the cost of AML compliance.
- The FCA is awaiting publication of the review by the Better Regulation Executive (a directorate within the Department for Business, Innovation & Skills) on the UK’s AML regime review. The FCA has seen evidence that some respondents to the review believe that it has a ‘checklist’ mentality and preconceptions about what they expected to see in a firm.
- HMT and the FCA are working together in preparation for the next FATF review of AML supervision in the UK set for late 2017.