FCA’s Focus in 2017: Anti-Money Laundering and Market Abuse

FCA Focus on Money Laundering & Market Abuse
Images_of_Money Money Laundering @Flickr

In recent news, the FCA recently warned top city executives and lawyers that it has not gone soft on compliance and it had no intention to move towards fewer large fines in 2017.

Here at Contego we continually monitor the complex regulatory environment, ensuring that all our clients are fully up-to-date with new regulations and can plan accordingly.

The news comes despite that fact the FCA only levied fines totalling £22 million in 2016, down 97% compared to 2015’s total of £905 million.

Mark Steward, the FCA’s head of enforcement, told City lawyers at an industry event on January 19 and 20 that a “light touch had not returned”.

Regulatory specialists in London now expect an increase in the volume of information published by regulators and exchanges, they predict that the FCA’s focus will be on anti-money laundering compliance, market abuse and on holding more individuals accountable.

Peter Wright, partner and head of financial services investigations at law firm Fox Williams, said financial crime would be “the poster child of misconduct” in 2017.

Many of our financial service clients operate in increasingly more complex regulatory environment and need bespoke, risk-scoring solutions for their compliance needs.

A recent Contego client that required a bespoke risk-scoring and ID verification solution, was Modulr.

Modulr needed to ensure FCA regulatory compliance as an Authorised Electronic Money Institution, and also needed a platform that could check national and international Know Your Customer (KYC) and Know Your Business checks.

Modulr chose Contego’s multi-source identity verification and risk-scoring platform, because it was the only solution that offered both KYC and KYB checks, that facilitates fast, reliable and decision-making for Modulr and will support the future growth of their AEMI business.  To learn more about Modulr please read the latest press release.

Regulators have already started to conduct proactive investigations. Firms that cannot prove they are adhering to the rigorous regulation will be levied with large fines and in some cases imprisonment for senior company executives.

If you want to ensure you are doing the maximum possible today to reduce your risk, keep the regulators at bay and be ready to tackle increasing fraud threats then get in touch today by calling +44 (0) 1235 375 000 or visit the Contego website to find out more and book an online demo.

Keep up to date with the very latest from Contego by subscribing to our YouTube channel, and following us on Twitter: @Contego, or liking our Facebook page.