Financial Crime

The FCA’s Financial Crime Guide (FC) consists of two parts, with part 2 providing summaries of thematic reviews and examples of good and poor practice.

The Regulator has published a Guidance Consultation (GC 14/7) which will propose amendments to both parts.

Amongst the changes Part 1 will introduce a new section on management information in Chapter 2 (‘Financial crime systems and controls’) and will include examples of suitable MI. Part 2 will gain two new chapters on ‘How small banks manage AML and sanctions risk – update’ and ‘Managing bribery and corruption risk in commercial insurance broking’.

The FCA has also published thematic review TR14/16 ‘How small banks manage money laundering and sanctions risk: update’. The Regulator advises that this review is not only relevant for banks and that the findings and examples of good practice may be of interest to all firms subject to SYSC 6.3 (‘Financial Crime’).

Comments are invited by 6 February 2015.

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