The FCA are proposing updates to its Financial Crime Guide
25/04/2024
The FCA are proposing.
- Updates to the Financial Crime Guide in relation to sanctions, proliferation financing and transaction monitoring.
- The update includes:-
- Cryptoassets
- Consumer Duty, AND
- Consequential changes throughout the Guide.
The key proposals for changes are:
- Sanctions – The FCA are proposing extending chapter 7 to include a variety of new items. [THIS IS THE LARGEST PART OF THE UPDATE].
- Proliferation Financing - Updates to bring the guide inline with MLR changes from 2022 on identifying proliferation financing.
- Transaction Monitoring [TM] - 4 specific areas to consider after the FCA have identified a need for further guidance due to poor deployment of TM solutions.
- Crypto Assets - 4 areas around supervision of Cryptoassets to ensure further alignment to the guide rather than using it as just a reference point.
- Consumer Duty - Inclusion of additional text reminding firms that consumer duty should be considered alongside financial crime obligations.
With these changes, the FCA want to:
- Help firms understand what they expect.
- Help firms assess the adequacy of their financial crime systems and controls.
- Remedy deficiencies
SOURCE
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