The regulator’s key priorities and actions include:
- Increasing investment in its systems to use intelligence and data more effectively within its financial crime work, as to target higher risk firms and activities;
- Prioritising proactive assessments of AML systems and controls for firms deemed higher risk;
- Strengthening proactive supervision through the Office for Professional Body Anti-Money Laundering Supervision #OPBAS, to drive improvements in the legal and accountancy sectors;
- Strengthen its supervision of firms’ sanctions systems and controls;
- Undertaking a review of firms’ treatment of customers in vulnerable circumstances; and
- Continue using its powers to disrupt, pursue and sanction those committing and enabling financial crime.
Firms can view the Business Plan to gain insights into the FCA’s focuses for the coming year, and what they may mean for their operations.