Requires a firm to implement adequate policies and procedures sufficient to ensure compliance by the firm and its staff with it regulatory obligations as well as preventing the firm being used to further financial crime.

Rule Overview

Jurisdiction: United Kingdom

Regulator: FCA

Topic: General Requirements

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The rule also requires firms to establish and maintain a permanent, independent and effective compliance function with the following responsibilities:

  1. monitor and assess the adequacy and effectiveness of the measures and procedures in place and address any compliance deficiencies; and
  2. advise and assist those carrying out regulated activities to comply with the firm’s regulatory obligations.
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