On 2 August 2017, the FCA published a webpage in the light of research it commissioned relating to new technologies and firms’ anti-money laundering (AML) compliance. The FCA commissioned consultants to carry out a survey on emerging technologies with the potential for enhancing financial firms’ work to detect and prevent money laundering, and for helping […]

The FCA levied around £1.5bn in fines during 2014, nearly three times the amount raised the year before. Last year was one of bumper fines, with five banks told to pay a record £1.1bn for failing to control business practices in their G10 spot foreign exchange trading operations. Citibank NA was fined £225.5m, HSBC £216.3m, […]

The FCA has published a document entitled “Outsourcing in the asset management industry: Thematic project findings report”. The report contains the FCA’s findings regarding its assessment as to whether asset managers are effectively mitigating the risks in connection with outsourcing. During the assessment the FCA looked in particular at whether asset managers: (i) had adequate […]