The Financial Conduct Authority (FCA) significantly increased its anti-money laundering (AML) and counter-terrorist financing (CTF) supervision activity in 2022-23. During this period, the FCA employed 52.8 full-time financial crime specialists, with a significant portion dedicated to supervising crypto-asset businesses. These specialists, supported by sector supervisors, focused on ensuring firms adhered to AML requirements and broader regulatory obligations. The FCA’s supervisory approach in 2022-23 utilised data and intelligence to target high-risk firms and streamline interventions.
To effectively manage AML/CTF risks, the FCA employed several key tools, including the REP-CRIM annual reporting obligation, which was expanded to cover more firms, and innovative data analytical tools to identify hotspots and emerging risks. Additionally, the FCA implemented the Modular Assessment Proactive Programme (MAPP) and Focused Supervisory Interventions (FSI) to conduct targeted reviews and engagements with firms.
In the infographic below, we summarise key insights from the FCA’s activities as detailed in HM Treasury’s Anti-money laundering and Counter-terrorist Financing: Supervision Report 2022-23.
How Neopay can help
At Neopay we offer specialised expertise and solutions to address the identified weaknesses in AML/CFT measures in payment institutions. With our tailored risk assessments, comprehensive training programs, regulatory guidance, compliance audits and continuous support, payment institutions can bolster their AML/CFT capabilities effectively. We also go beyond standard compliance audits by providing financial crime audits, ensuring a thorough examination of financial crime prevention and detection measures. Our financial crime audits offer a comprehensive assessment of payment institutions’ systems and processes, identifying potential vulnerabilities and providing actionable recommendations to mitigate the risk of financial crimes.
Contact us today to learn how our comprehensive compliance solutions can help you bolster your financial crime prevention efforts.
