Firms subject to Money Laundering Regulations (with a few exceptions) must undertake and submit an annual financial crime report to the FCA. Known as REP-CRIM, this requirement has been in place for many firms since 2016 under Sup 16.23. However, the regulator’s PS21/4 update brought an estimated 4500 additional firms into the scope of REP-CRIM.
The report itself can be found at Sup 16 Annex.
REP-CRIM returns are an important way for the FCA to gather data to tackle money laundering more effectively. However, firms have struggled to comply over the years. They have faced challenges including simply lacking the required data, or holding it and being unable to “cut and dice” it in a manner suitable for meeting REP-CRIM reporting requirements.
Firms should also remember that their regulatory supervision regime can be increased or decreased in frequency dependent on their sector and the level of comfort that the FCA can take from returns such as these.
As outlined in PS21/4, the following firms will have to submit an annual Rep-Crim return as of 30/03/2022:
If you are submitting your Rep-Crim return for the first time, or you have submitted them before but would like more insight into how the FCA may react to your return, get in touch with our Financial Crime and Forensics team today. Our team will review and provide you with constructive feedback as to how well your return may withstand the regulatory scrutiny that it is about to receive. Please fill in the form below to book a free consultation with a member of our team.
Please fill in the form below to book a free consultation with a member of our team.
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