The FCA has published Finalised Guidance 15/7: Guidance on financial crime systems and controls (FG15/7).
FG15/7 follows Guidance Consultation 14/7: Proposed guidance on financial crime systems and controls (GC14/7) in which the FCA proposed to update its financial crime guide with examples of good practice which would help illustrate what some firms have done to identify, assess and manage financial crime risk.
FG15/7 notes that the FCA has decided to proceed with the proposed revisions to the financial crime guide, which include:
- new and revised text boxes in Chapters 2 and 3 on management information, risk assessment, source of wealth and source of funds and enhanced due diligence;
- revisions to Annex 1; and
- new Chapters 16 and 17 for Part 2 of the financial crime guide on how small banks should manage money laundering and sanctions risk and on managing bribery and corruption risk in commercial insurance broking.
The FCA is in the process of updating its financial crime guide.
The new guidance took effect on 27 April 2015.
View FG15/7 – Guidance on financial crime systems and controls, 27 April 2015