On June 27, the UK Financial Services Authority (FSA) published a financial crime consultation paper (CP11/12 – Financial Crime: A Guide for Firms) which proposes a new FSA guide designed to help firms reduce the risk of their businesses being used to facilitate financial crime, as well as other anti-financial crime measures.
The proposed financial crime guide aims to improve firms’ understanding of the FSA’s expectations in this area and draws together prior FSA statements on financial crime. The guidance addresses issues including anti-money laundering, terrorist financing, fraud, data security, bribery and corruption, sanctions, and weapons proliferation financing.