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NEWSLETTER: The FCA has recently published the results of its review of AML controls at challenger banks; concluding that many need to improve the way they manage financial crime risk. Whilst the review was undertaken before recent events in Ukraine, the FCA is at pains to point out that sanctions risk is part of AML controls. Given the increased focus, now is the time for challenger banks and payment institutions to make sure that their sanctions controls are sound.
Our freedom of information requests to the regulator this month have shed some light on enforcement activity. When it comes to SMCR, it appears that the FCA is still struggling to demonstrate it has teeth with investigations having halved. On the other hand, skilled person reviews have continued to increase – particularly in financial crime.
This week we welcomed some of the wealth management community back to our office for our first in-person round table since lockdown. It’s a small first step but real events are coming back!
All the best,
Founder & CEO