Under its objective to ensure the integrity of the UK financial markets, the FCA requires all authorised firms to have robust governance, effective risk procedures and adequate internal control mechanisms to manage their financial crime risk. Some of these firms will also have additional obligations placed on them.

Over the last two decades we have seen the focus on FCR increase significantly with further scrutiny in areas of anti-money laundering (AML), Market Abuse (MAR), Counter Terrorist Financing (CTF), Anti-Bribery and Corruption (ABC).

This means that many firms face an ever increasing burden of responsibility to undertake customer due diligence, report suspicions of money laundering, preventing bribery and corruption, managing fraud risks, monitor transactions and preventing market abuse from both external and internal parties.

Firms that do not maintain effective systems and controls to identify, monitor and manage FCR may be subject to civil or criminal prosecution, and might find that other authorities, in addition to the FCA, become involved.

How can we help?
TCC can help you by either designing your firm’s systems and controls or assuring they are appropriate and capable of detecting and deterring financial crime.