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U.K. FCA issues strong new financial crime reporting rules

Neil Hodge | September 13, 2016

Money laundering continues to be a major problem in the banking sector, and London’s position as the world’s leading financial centre also makes it an unenviable magnet for dirty cash and suspicious trades. But now the city is trying to fight back.

Financial services firms—including banks, investment firms, and intermediaries (but not general insurers, which are not currently subject to money laundering rules)—will have to file an annual “financial crime report” to the U.K. Financial Conduct Authority (FCA) from the end of this year as part of the regulator’s efforts to tackle fraud and money laundering more effectively.

On July 29, the FCA published policy statement PS16/19, setting out final details of its new annual financial crime report (to be known by the abbreviation “REP-CRIM”). Under the new reporting requirements, around 1,400 firms will need to submit details regarding the number of “politically exposed persons” (such as high-ranking individuals in... To get the full story, subscribe now.