The Financial Conduct Authority's (FCA) new mission
statement has expressed a renewed intent to focus on financial
crime, detecting insider dealing, market manipulation and
anti-money laundering (AML). As a result, firms and their senior
managers must ensure they have adequate systems and controls in
place to prevent financial crime. Using our FCA Enforcement Notice
Database we identify important enforcement trends. This client
alert analyses the FCA's track record of dealing with financial
crime and offers insight for prioritising risk management and
compliance resource.
As a direct result of one of its fundamental statutory duties
under FSMA, the FCA has consistently been concerned with the
reduction of financial crime. Outside clear cases of criminality,
regulatory focus has historically been on firms' conduct and
any criticism in enforcement action has been primarily concerned
with failings in systems and controls.
