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Anti Money Laundering warnings

Updated: May 18, 2022

The Financial Conduct Authority (FCA) issued a warning to retail banks in May 2021 (made public on 29 June) over continued weaknesses and failings surrounding their financial crime controls.

It outlined the key issues and weaknesses surrounding retail banks’ financial crime controls and requested that each firm complete a gap analysis of each of the identified weaknesses and take prompt and reasonable steps to resolve them by 17th September 2021.

Several common weaknesses in key areas of firms’ financial crime systems and control framework covered:

  • Governance and Oversight

  • Risk Assessments

  • Due Diligence

  • Transaction Monitoring

  • Suspicious Activity Reporting

What this means for you