Capital inadequacy – FCA’s quiet release of capital markets AML report

Timon Molloy, managing editor

No fanfare and no wonder – the Financial Conduct Authority thematic review of ‘Understanding of Money Laundering Risks in the Capital Markets’ [1], quietly released on 10 June 2019, while careful to say it was not a systems and controls assessment, points to gaping holes in sampled participants’ defences; these suggest enforcement action is warranted.