FCA tells retail banks to address financial crime control failings

The FCA wrote to retail banks in a Dear CEO letter in May 2021 detailing control failings across financial crime and anti-money laundering frameworks. The FCA published the letter on its website on 29 June 2021.

The regulator has conducted assessments of retail banks’ systems and controls and found weaknesses across governance and oversight, risk assessments, due diligence, transaction monitoring and suspicious activity reporting. It expects firms to review the control weaknesses set out in the letter, complete a gap analysis against each of the common weaknesses by 17 September 2021, and create a plan to close any identified gap.

Download this At a glance to see our summary of the letter and what it means for firms. 

 

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Hannah Swain

Hannah Swain

Director, PwC United Kingdom

Tel: +44 (0)7803 590553

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