Money Laundering Bulletin
Up & down: FCA AML supervision 2019/20
Denis O’Connor, a Fellow of both the Institute of Chartered Accountants in England & Wales and the Chartered Institute of Securities and Investment, was a member of the British Bankers’ Association Money Laundering Committee from 2003-10 and a member of the Joint Money Laundering Steering Group’s Board and Editorial Panel between 2010 and 2016. He has been a frequent speaker at industry conferences on financial crime issues, both in the UK and abroad.
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.