FCA has published speeches by Nausicaa Delfas on cyber-security and Megan Butler on FCA’s approach to combatting financial crime. FCA remains committed to a proportionate approach to AML supervision, and noted it subjects only 14 banks and investment banks to its Systematic AML Programme – but these firms account for over 95% of UK retail and 75% wholesale banking revenues. Of course, FCA also visits smaller firms with high inherent ML risks. FCA remains concerned that too many defensive SARs are made and is working on addressing this. On cyber-risks, FCA is looking to see a security culture in firms, and it notes that many of the high profile publicised cyber attacks were caused by basic failings.