The Financial Conduct Authority has published its first ever Anti Money Laundering Annual Report. The 20-page document focuses on money laundering, financial sanctions breaches and terrorist financing, and provides an overview of the FCA’s approach to AML supervision, as well identifying key risks. Supervisory approach: risk based, intensive and intrusive Within the FCA, responsibility for AML supervision is shared between firm supervisors and a specialist financial crime supervision team, who assess around 150 firms per year and whose resources are being increased from 17 to 22 staff by the end of 2013. The approach is risk-based, intrusive and intensive and aims to identify problems early. The report states that this year the FCA has engaged in early intervention with four banks, one of which has been referred to enforcement.
Link to the detailed report: click here