Learning Material Sample
Financial crime11. The Financial Conduct Authority (FCA)
Under the Financial Services and Marke...
Shortened demo course. See details at foot of page. ...ace for prevention of financial crime. The FCA seeks to adopt a ‘risk-based’ approach to supervision. This means...
Shortened demo course. See details at foot of page. ...but this does not mean that there is no risk when a firm is operating only in the UK. What supervisory tools are used by the FCA?
Questionnaires - it may request information from management about the business and its anti-money laundering or anti-bribery procedures Ad hoc information requests - it may request info... Shortened demo course. See details at foot of page. ...to maintain a co-operative and open dialogue with registered businesses, the Money Laundering Regulations give it legal powers to, for example, require relevant people to provide information, or compel individuals to attend an interview. The FCA also adopts a ‘risk-based’ approach to enforcement, in line with its approach to supervision.
It considers the nature and seriousness of any suspected breach of the Money Laundering Regulations or Bribery laws before decid... Shortened demo course. See details at foot of page. ...r connected to a registered business to attend at interview and answer questionsSearch warrants - it may apply to the court for a search warrant, allowing a police constable to enter and search premises and to take possession of documents The Third EU Money Laundering Directive requires supervisors to have the power to impose effective, proportio...
Shortened demo course. See details at foot of page. ...ment for firms to take notice of financial crime legislation and make sure systems and controls are in place. The FCA is also alive to the problems of scammers and has published information on its website for consumers to al...
Shortened demo course. See details at foot of page. ...remain multiple problems online, however, due to the global reach of the internet and ease of uploading information. |
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