UK: FINANCIAL CRIME IN THE UK – ANALYSIS OF REP-CRIM DATA 2017-20

On 7 October, the FCA issued a news release advising that a report was available and this provides analysis of the REP-CRIM submissions for the 3 reporting periods between 2017-2020.  For these periods it says that it received a total of 5,685 REP-CRIM submissions from over 2,300 different firms.  It says that this analysis aims to provide MLRO and industry practitioners insights on trends and developments, which should help inform the arrangements and risks of their respective firms.  Key findings include a reduction in the number of PEP, from 111,000 to 89,000; retail banking firms have reported approximately 390,000 high risk customers in 2019/2020 which is almost half the total of high-risk customers reported by all firms; the number of firms reporting automated sanctions screening is increasing year on year; and, in  2019/20, firms collectively employed approximately 17,000 full-time equivalent staff in financial crime roles, this compares to approximately 15,700 in 2017/2018.

https://www.fca.org.uk/data/financial-crime-analysis-firms-2017-2020

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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