FCA financial crime guidance: FCG, FCTR and supporting materials

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • FCA financial crime guidance: FCG, FCTR and supporting materials
  • The FCA and financial crime
  • The FCA’s role in combatting financial crime
  • The FCA’s requirements on firms to combat financial crime
  • Definition of Financial Crime—FSMA 2000, s 1 H(3)
  • Purpose
  • Development and entry into force
  • Application and content
  • Status of the FCG, FCTR and supporting materials
  • Relationship with legal requirements and with the FCA Handbook
  • More...

FCA financial crime guidance: FCG, FCTR and supporting materials

This Practice Note explains the constituent parts of the Financial Conduct Authority (FCA)’s financial crime guide entitled ‘Financial Crime Guide: a firm’s guide to countering financial crime risks’ (FCG), and the FCA’s Financial Crime Thematic Reviews (FCTR), which together provide guidance to firms on steps they can take to reduce their financial crime risk. It also addresses the FCA’s financial crime guidance for consumer credit firms and the treatment of PEPs for AML purposes (FG17/6).

It further sets out relevant FCA materials which support the FCA’s Rules and Guidance on financial crime—Dear CEO letters, speeches, finalised guidance, FCA webpages and ESA guidelines which remain relevant after Brexit.

This Practice Note is a useful starting point for FCA and Lexis®PSL resources relating to the following areas of financial crime as they pertain to financial services firms: systems and controls relating to financial crime; AML and CTF; fraud; data security; bribery and corruption; sanctions and asset freezes; insider dealing and market manipulation and financial crime as it relates to consumer credit firms.

The FCA and financial crime

The FCA’s role in combatting financial crime

The FCA has a strategic objective under section 1B(2) of the Financial Services and Markets Act 2000 (FSMA 2000) to ensure that the UK’s financial services markets function well. In discharging its functions it must aim to

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