The FCA Controls: Asset Management and Platform Firms

The FCA has reported on its thematic review into Anti-Money Laundering (AML) and Anti-Bribery and Corruption (ABC) Systems and Controls of Asset Management and Platforms.

The review was undertaken to assess whether this sector is taking adequate steps to mitigate the money laundering and bribery and corruption risks it faces.

Although the FCA found some good examples of risk management, for instance, most firms had relatively well-developed arrangements for the ownership of money laundering and bribery and corruption risks the FCA found common weaknesses across the 22 firms in their sample. Given the communications they have issued on AML and ABC, the FCA say they expected the industry to have done more in ensuring they had suitable systems and controls in place.

The FCA have provided feedback to those firms in the review, but expect all firms to consider the review findings and the examples of good and poor practice to improve their AML and ABC frameworks where necessary.

The FCA will be following up with some firms to discuss the actions they should take.

To read the full report click here

ceeds of Crime Act, though he reserved the right to do so if he ever came into any money in the future.

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