Challenger banks must improve how they assess financial crime risk following a review by the U.K. Financial Conduct Authority (FCA) that found some fail to carry out even basic customer checks.

The FCA found some new entrants to the sector did not bother to review customers’ income and occupation. In some instances, the regulator found challenger banks did not even have customer financial crime risk assessments in place.

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Neil Hodge is a freelance business journalist and photographer based in Nottingham, United Kingdom. He writes on insurance and risk management, corporate governance, internal audit, compliance, and legal...