FCA PUBLISHES FIRST-EVER FINANCIAL CRIME STATISTICS

Out-Law on 21st November published an article says that new figures from the FCA show that suspected money laundering and financial crime continues to be an area of significant concern to the UK financial services industry.  The FCA introduced a new requirement in 2016 for certain financial services firms, including all UK-based banks and building societies, to provide it with intelligence on current financial crime-related threats and trends.  The article notes that the report says that firms refused to provide services to a total of 1.15 million prospective customers for financial crime-related reasons in 2017, which the FCA said “might be because the prospective customer was thought to pose an unacceptable fraud or money laundering risk”.  Firms also turned away 375,000 existing customers for similar reasons.  Worries about financial crime led to firms ending nearly 800 introducer relationships, including over 100 with ‘appointed representatives’, according to the report.

The report itself is at –

https://www.fca.org.uk/publication/research/financial-crime-analysis-firms-data.pdf

https://www.out-law.com/en/articles/2018/november/fca-publishes-first-ever-financial-crime-statistics/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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