FCA consults on Financial Crime Guide updates

The FCA is consulting on several proposed changes to its Financial Crime Guide. It is suggesting change to:

  • the guide generally to add references to crypto assets and the Consumer Duty;
  • the sanctions part to reflect learnings on the adequacy of systems and controls following the invasion of Ukraine;
  • ensure proliferation finance is properly reflected throughout the guide, in particular to highlight the MLR requirement for firms to carry out proliferation finance risk assessments;
  • provide guidance for firms on transaction monitoring systems and how they can support responsible innovation such as the use of AI;
  • make it clear that the guide is relevant to registered crypto asset businesses;
  • make consequential changes to the guide following Brexit and to refresh case studies to reflect recent enforcement actions.

Consultation closes on 27 July.

Emma Radmore