FCA launches new strategy to counter money laundering and fraud

Monday 11 April 2022 10:25 CET | News

The Financial Conduct Authority (FCA) has released a new strategy for the next three years, from 2022 to 2025, to mitigate fraud and sanction evasion.

The FCA is committed to being more proactive with their supervision and will continue to closely scrutinise firms at the authorisation gateway so that they meet the correct standards before being allowed to proceed further. It will also continue to monitor social media for suspicious advertising which may indicate fraud and continue its work to take down illegal advertising.

The authority also recognised the role of cryptocurrency in money laundering in the UK and stated that it will supervise crypto-asset compliance with money laundering regulations and intervene where crypto-asset firms are at risk of being used as conduits for illegal activity, or where firms pose harm to consumers or market integrity.

Furthermore, the FCA revealed that it is increasingly ‘data-led’, particularly when it comes to systems and controls, and are therefore able to detect financial crime faster, disrupt, pursue firms and individuals, and remove FCA regulated fraudsters from the financial system more effectively.

They will also continue to prosecute money laundering and fraud where possible, and work closely with its partners to drive a system-wide response to stopping and preventing financial crime.

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Keywords: FCA, regulation, crypto asset, AML, CFT, financial sanctions
Categories: Fraud & Financial Crime
Companies: FCA
Countries: United Kingdom
This article is part of category

Fraud & Financial Crime


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