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The FCA has warned firms about AML failings

The Financial Conduct Authority (FCA) has warned firms about anti-money laundering (AML) failings. Its warning is based on findings from the FCA’s review of Annex 1 firms, which are firms that undertake certain financial activities. The FCA found that some of these firms have not been properly complying with AML regulations. The FCA have listed common issues, including:

  • Discrepancies between registered and actual activities: This means that some firms are registered to do one thing, but they are actually doing something different. This could be a sign that they are trying to avoid AML regulations.
  • Inadequate financial crime controls: This means that some firms do not have the proper systems and procedures in place to prevent money laundering and other financial crimes.
  • Failure to properly assess risk: This means that some firms are not doing enough to identify and assess the risks of money laundering and other financial crimes.

The FCA expects firms to address these shortcomings within six months. If they do not, they could face regulatory action.

FCA article

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