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