Financial Crime

The Home Office has reported that serious and organised crime is estimated to cost the UK at least £37 billion each year, with suspicious activity reports rising 10% year on year. Firms that fail to prevent money laundering, or have inadequate systems and controls, tend to pay a heavy price in the form of declining revenues, customer dissatisfaction, huge financial penalties, loss of reputation, and fall in stock prices.

Firms can find it difficult to manage cross-border and multi-jurisdictional AML-compliance requirements and ever-growing customer due diligence requirements. Identifying beneficial ownership and initiating remedial measures to address AML gaps uncovered by regulatory reviews also come with their own set of challenges. The threat to the UK remains high and is constantly evolving.

Benefits to consumers


IMPROVES CUSTOMER IDENTIFICATION AND FIRM PROCESSES, AND DELIVERY OF GOOD OUTCOMES FOR VULNERABLE AND EXCLUDED CUSTOMERS

PROVIDES REASSURANCE THAT ASSETS AND CUSTOMER INFORMATION IS SECURE

Benefits to industry


FACILITATES BENEFICIAL CHANGE AND SHARES GOOD PRACTICE WITH THE AIM OF TACKLING FINANCIAL CRIME

INDUSTRY EVENTS AND TRAINING EVENTS THAT RAISE AWARENESS

PROMOTES AND CONSOLIDATES FIRMS’ ANTI MONEY LAUNDERING PROCESSES WITH APPROPRIATE AUTHORITIES

PROMOTES MARKET CONFIDENCE WITH ENHANCED FIRM PROCESSES

Benefits to UK economy


DELIVERING GOOD OUTCOMES FOR ALL CONSUMERS, INCLUDING VULNERABLE AND EXCLUDED CONSUMERS, THROUGH CO-OPERATION BETWEEN FIRMS, CONSUMERS AND THE FCA AS WELL AS FINANCIAL CRIME ORGANISATIONS

TISA Groups & Resources

Cyber Risk Technical Committee

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Financial Crime Working Group

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Financial Crime Publications

Financial Crime News