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.