As part of the Government’s initiative to combat economic crime, the Financial Conduct Authority (FCA) is reaching out to firms via email to ensure their participation in the annual economic crime levy. This levy aims to fund governmental efforts in the fight against money laundering and supports the implementation of the 2019 Economic Crime Plan.
In correspondence sent to firms on 1st April 2023, the FCA communicated its intention to assist in the registration process for the Reg Data platform. This platform serves as the FCA’s data collection system for obtaining regulatory returns from financial firms.
What firms need to do
To facilitate this process, the FCA is requesting the details of one Money Laundering Regulation (MLR) individual from each firm. The completion of a form, which accompanies the FCA’s new email to firms, is required. The FCA emphasises that only one individual’s information is needed for this exercise.
Firms are urged to promptly update the provided form with accurate and current details of the designated MLR individual. The completed form should be submitted by attaching it to an email and sending it to firstname.lastname@example.org. For those using a paper-based form, scanning the completed document and emailing it to the specified address is the preferred method.
Firms are reminded to complete this action by 17th November 2023. Failure to meet this deadline may delay the process of granting the designated individual access to the Reg Data platform, which is crucial for completing the annual return.
For any queries related to information completion or general inquiries, firms are encouraged to reach out to the Supervision Hub at 0300 500 0597. It’s important to note that queries sent to email@example.com will not receive responses.
Ensuring compliance with this initiative is paramount, not only for individual firms but for the collective effort to combat economic crime effectively. The FCA emphasises the urgency of firms promptly acting on this communication to meet the specified deadline and contribute to the broader efforts in safeguarding financial integrity.
How Neopay can help
As firms respond to the FCA’s call for MLR individual information, it’s also an opportune time to fortify your broader compliance measures. Our team of compliance experts are able to provide the necessary support tailored to your business’ needs. With our Virtual Compliance Service, we offer comprehensive support for regulatory reporting. This includes aiding in understanding reporting requirements, guidance for data gathering, and providing submission support. Reach out to our team today for seamless support in enhancing your compliance measures and meeting regulatory requirements with confidence.