The FCA has published a high-level guide to financial crime for consumer credit firms.

The guide includes examples of good and poor practice for firms under the Money Laundering Regulations 2007 and guidance on steps that firms can take to reduce financial crime risk. The guidance is arranged thematically, by reference to risk assessment, policies and procedures, governance, staff awareness, data security, anti-money laundering, customer due diligence, enhanced due diligence, ongoing monitoring and suspicious activity reporting, and record keeping.

The guide is accompanied by a webcast which addresses financial crime issues that may arise and provides an overview of what the FCA expects firms to do to meet their obligations.

Copies of the guide; the updated FCA webpage concerning financial crime; and the FCA’s webcast are available.