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.

Financial Crime Working Group

Purpose

The TISA Financial Crime Working Group meets quarterly and addresses the challenges faced by firms in administering measures to counter money laundering, terrorist financing, financial and trade sanctions, bribery, corruption, fraud, market abuse, tax evasion and other relevant anti-financial crime legislation.

Areas of focus

  • Formulate, and pursue, TISA initiatives related to financial crime designed to facilitate beneficial change or to share best practice.
  • Provide a meeting point where best operating and technical practice can be shared, and common challenges debated. 

Jeffrey Mushens, Technical Policy Director leads on this work at TISA

Benefits to consumers


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

REDUCES CUSTOMER PRE AND POST SALE BARRIERS

PROVIDES REASSSURANCE THAT ASSETS AND CUSTOMER INFORMATION IS SECURE

Benefits to industry


FACILITATES BENEFICIAL CHANGE AND SHARES GOOD PRACTICE WITH THE AIM OF TACKING 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

CONSISTENT AND EVOLVING APPROACHES BY INDUSTRY RAISES STANDARDS, IMPROVES COMPLIANCE, CONTRIBUTES IN REDUCING CRIME, AND IMPROVES CUSTOMER WELLBEING

Participating member firms

Chair: Lorraine Tromans, Hargreaves Lansdown

Deputy: Katarina Cook, Brewin Dolphin Ltd

A J Bell Securities Limited

Acuant

Aegon UK Plc

Aviva Plc

BNY Mellon

Brewin Dolphin Ltd

Brooks Macdonald Asset Management Ltd

Ernst & Young

Fidelity International

FNZ

Folk2Folk

Freetrade Limited

Hargreaves Lansdown

Invesco

KPMG

Legal & General Investment Management Limited

Lending Works Limited

LexisNexis Risk Solutions

LV=

M&G Investments

Nationwide

Northern Trust

Old Mutual Wealth

One Savings Bank

OneFamily

Optima Consulting Partners Limited

Orbis Investments (U.K.) Limited

Parmenion Capital Partners LLP

Progressive Building Society

Quilter Cheviot Limited

Rathbone Bros Plc

Sanlam Financial Services UK Ltd

Santander UK Plc

Seven Investment Management

SIX Financial Information

SS&C

The Share Centre Ltd

Thesis Asset Management

Vanguard Asset Management Limited

Financial Crime Publications

Financial Crime News

Financial Crime Groups & Resources

Go to

Digital Groups & Resources

Go to

If you are a TISA member, and would like to get involved with the Financial Crime work, please get in touch

Go to