Financial crime prevention developments

The year 2023 paves the way for a busy 2024

by Emma Radmore

We have been providing end-of-year regulatory round-ups for quite a few years now, and it would be safe to say there is never been a quiet year. But 2023 may just have surpassed all others. We have seen two important laws come onto the statute book, setting new requirements and giving new powers to regulators, which set the foundations for 2024 implementation. We've seen the usual enforcement actions - in fact, all but one of the fines the Financial Conduct Authority (FCA) has imposed on regulated firms have been for financial crime failings - and we've had a clear message from FCA that financial crime prevention is one of its super-charged priorities for the next year.