Financial Crime Prevention Working Group

Help firms understand, implement and develop industry good practice guides

Industry challenge

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.

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.

Area 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.

Group strategy

The purpose of the TISA Financial Crime Prevention Working Group (FCPWG) is to address the challenges faced by firms in administering measures to counter money laundering, terrorist financing, financial and trade sanctions, bribery, corruption, fraud, tax evasion and other relevant anti-financial crime legislation. It is designed to serve the needs of those individuals and organisations interested in the issues surrounding matters where best operating and technical practice can be shared, and common challenges debated.

It acts as a focal point for TISA about the operational aspects of issues relating to financial crime measures, including technical and regulatory matters, which specifically impact on firm’s administration and procedures. 

The group may also formulate, and pursue, strategic initiatives related to financial crime prevention designed to bring about or facilitate beneficial change. TISA works closely with the FCA, City of London Police, Corporation of London, JMLSG and the UK Government.

Participating member firms

A J Bell Securities Limited
Acuant
Aegon UK PLC
Allfunds Bank S.A.U
Aviva Plc
Baringa Partners LLP
BNY Mellon
Brewin Dolphin Ltd
Brooks Macdonald Asset Management Ltd
Fidelity International
Fluro
FNZ
Folk2Folk
Freetrade Limited
Hargreaves Lansdown
Invesco
JTC Group
KPMG
Legal & General Investment Management Limited
Lending Works Limited
LexisNexis Risk Solutions

LV=
M&G Investments
Nationwide
Ninety One UK
Northern Trust
One Savings Bank
OneFamily
Optima Consulting Partners Limited
Orbis Investments (U.K.) Limited
Parmenion Capital Partners LLP
Platform One Limited
Quilter (formerly Old Mutual Wealth)
Quilter Cheviot Limited
Quilter PLC
Rathbone Bros Plc
Revolut Ltd
Santander UK Plc
SIX Financial Information
SS&C
SS&C Financial Services Europe Limited
Thesis Asset Management

Lisa Laybourn, Head of Technical Policy and Regulation,
leads on this work at TISA

Chair: Lorraine Tromans, Hargreaves Lansdown

Deputy Chair: Katarina Cook, Brewin Dolphin

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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