The value of FCA fines for Financial Crime failings has more than doubled in 2025 for the 2nd year in a row.
The numbers of fines issued has also increased significantly from 2024, with the number of fines issued nearly trebling.
This reflects an increase in focus by the FCA on Financial Crime controls and should act as a reminder to firms to ensure that your frameworks are fit for purpose and remain so.
We have seen in our own sectors that the FCA has been quick to act against firms, particularly for Financial Crime breaches.
Firms should remember that all aspects of your framework are important, including:
- Controls, processes and documentation
There is an increase in general scrutiny, so you do need to keep on top of all your AML controls, processes, monitoring and review.
- Risk assessments
Your risk assessment is fundamental. The FCA will scrutinise this and the controls surrounding it. Firms are expected to take a more granular and sensitive approach and the FCA are expecting a holistic approach across different products and services. Where they differ – the FCA will expect to see justification and evidence that this has been considered, justified and agreed by the senior team – rather than being a result of different services evolving separately.
- Audits and Reviews
Audits, advice and reviews from third-party specialists such as Neopay are essential. But also, document all your discussions and reasonings within review and decision processes.
- Staff Training
Many good frameworks fail because of misunderstanding and misinterpretation by individuals. Make sure your AML and compliance training is appropriate for all your staff and covers content tailored to their different roles and responsibilities as well as your firms framework.
- Futureproofing, Testing and Quality Assurance
The FCA want to see continuous improvements in quality assurance and testing – that firms are proactively working to improve their processes and adapting to changes in their business but also to the environment.
How Neopay Can Help
- Audits: Our audits provide an independent, accurate and detailed review of your financial crime and other compliance frameworks. Findings are presented clearly along with practical recommendations for improvement. We take time to make sure you understand our findings, enabling you to implement the necessary controls to protect your business.
- Compliance framework development: Ensuring that your company adheres to all the regulations necessary is the key to avoiding fines and loss of reputation. We offer tailor-made compliance solutions that reflect existing industry regulations.
- Training and awareness programs: We provide engaging training programs that focus on practical, real-world scenarios, helping your team stay vigilant and equipped to identify suspicious activities.
- Ongoing Virtual Compliance support: We provide continuing support, including regular updates on new trends, regulatory requirements, and best practices for maintaining effective frameworks and controls.
Don’t miss out on 2025 prices. Book your audit before 31st March.
