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FCA warns firms of deficient financial crime controls

Banknotes issued by the Bank of England showing Queen Elizabeth II and issued by the Royal Bank of Scotland and the Clydesdale Bank showing Scotsmen of note.
Photo: Getty Images/AmandaLewis

Thomas Hyrkiel

3 min read
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The regulator has observed common weaknesses among MLR Annex I firms and indicates that it is increasing its scrutiny of this area.

According to this most recent “Dear CEO” letter released by the FCA, approximately 1,000 firms are registered as Annex I firms. They are not authorized under the FSMA or subject to FCA regulations. However, the FCA is responsible for supervising their adherence to regulations intended to thwart money laundering, terrorist

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