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Up & down: FCA AML supervision 2019/20

Money Laundering Bulletin

Up & down: FCA AML supervision 2019/20

A close review of a UK government report shows that the “compliant” rate of a sample of 177 firms reviewed by the Financial Conduct Authority (FCA) has increased from 0% in 2018/19 to 51% in 2019/20, that firms subject to an onsite inspection were more likely to be judged “non-compliant” compared to firms subject to a Desk Based Review (DBR) (50% v 6%) and that there has been a general relaxation of follow-up action imposed on firms by the regulator. Denis O’Connor interrogates the findings.

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