In today’s fast-paced business environment, financial crime is becoming an increasingly significant concern for firms of all sizes. Activities such as money laundering, fraud, and
On 30 March 2023, the FCA held a webinar discussing their expectations for firms regarding the implementation of the Consumer Duty, which is set to
The Temporary Permissions Regime (TPR) is scheduled to conclude on 31 December 2023. To obtain full authorisation in the UK, firms were required to apply
Customer Risk Assessments are fundamental to Financial Crime compliance and a priority of the FCA. They help financial institutions identify and assess the risks associated
The FCA’s annual financial crime reporting obligation (REP-CRIM) is designed to inform the regulator about the overall status of your financial crime related activities. The
The Financial Conduct Authority (FCA) has issued a new “Dear CEO” letter to payment firms in the UK. The FCA “remain[s] concerned” that many payment
The FCA has launched their Consumer Duty survey to understand the progress firms are making in implementing the Duty. The survey, which will be carried
Although the final Consumer Duty deadline is July, there has been some key milestones, including an interim deadline of 30th April 2023 when firms need
It has been noted, that in 2022 the number of regulatory enforcement powers exercised by the UK’s Financial Conduct Authority (FCA) increased. Fines issued by
In December 2022, HM Treasury published the “Anti-money laundering (“AML”) and countering the financing of terrorism (“CFT”): Supervision Report 2020-22”. The financial crime report provides