Mark Steward, executive director of enforcement and market oversight at the U.K. Financial Conduct Authority (FCA), recently shared insights into the agency’s pipeline of anti-money laundering (AML) investigations and what lies ahead for regulated firms.
Currently, the FCA has 42 ongoing investigations—25 into firms and 17 into individuals—related to money laundering, Steward said in remarks delivered at the AML & ABC Forum 2021 on March 24. A transcript of the speech was published Thursday. Examples of focus for the probes include “systems and controls over politically exposed persons, customers with significant cash intensive operations, correspondent banking and trade finance, and transaction monitoring,” Steward said.
