On 29 November 2024, the Financial Conduct Authority (FCA) published a policy statement, PS24/17, on updates to the Financial Crime Guide.

The FCA published a consultation on its proposed changes to the Financial Crime Guide in April 2024. In PS24/17, it sets out feedback to that consultation, as well as its finalised changes.

The changes to the Financial Crime Guide are intended to ensure it remains a valuable resource for firms by helping them to understand what the FCA expects, assess the adequacy of their financial crime systems and controls, and remedy deficiencies.

The FCA explains that it has focused on areas where firms wanted additional guidance to clarify its expectations. The changes reflect insights from its supervisory work on financial crime and incorporates updates from its recent publications.

Next steps

The FCA asks firms to consider what adjustments may be needed to their financial crime systems and controls – this could include changes to internal policies, monitoring systems, training, governance or other elements of systems and controls.

The FCA plans to continue to engage with firms following the publication of PS24/17 and to publish its findings. It notes that these may result in further changes to the Guide.