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FCA warns firms of deficient financial crime controls

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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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