Shifting the dial on financial crime requires a collective push


INSIGHT
Published
Feb 9th '24
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By Mark Francis, Director, Wholesale and Unauthorised Business Investigations, and co-sponsor of the FCA’s (Financial Conduct Authority) Financial Crime Public Commitment.

 

We’ve made good progress to reduce and prevent financial crime, now more collaborative action across 4 areas of focus can help shift the dial further. 

 

This week we’ve published Reducing and preventing financial crime an update on the progress we’ve made over the past 18 months, and a look at the challenge ahead, focusing on 4 areas in greater depth. I’d urge firms – as well as trade bodies, big tech companies, social media platforms, regulatory and enforcement partners – to read it, and think about the actions we can all take to help tackle financial crime.

 

Financial crime is never victimless. It costs firms and consumers, damages the integrity of our markets and undermines our international competitiveness. That’s why fighting financial crime is a key focus of our strategy. The subsequent national Economic Crime Plan 2 and Fraud Strategy establish actions for both public and private sector parties, with an ambition to reduce financial crime, and we have a key role to play in achieving that goal.

 

Read article in full, here.

 

Source & image: FCA

 

About us

At LS Consultancy, our consultants are industry experts that interpret the rules, regulations and spirit of the industry guidelines by assisting you “the client” in implementing a compliance programme that you can be confident is mitigating the risk of financial crime. What we can do:

 

  • We analyse the relevant jurisdictions legislation, regulation and industry guidance to ensure that your controls adopt the highest standard possible
  • Analyse and/ or Enhance your Business Wide Risk Assessment to ensure we consider money laundering and relevant predicate crimes
  • Assessment of your Customer Onboarding and/ or Periodic KYC reviews rely on independent documentation and supported by credible information from your customer – as this is key to your compliance programme.
  • Robust Transaction Monitoring and Screening whilst utilising your up-to-date KYC documentation/ information are fundamental.
  • Greater emphasis on training – why not go through live examples with your RM’s, Operational Teams and Compliance – discuss the areas of concern and come up with compliant solutions.
  • Ensuring your Compliance Monitoring Programme is conducted on a regular basis
  • Engagement with senior management through relevant committees

 

For further information please contact us where our industry experts will be happy to answer your questions.

 

Explore our full range today.

 

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