FSA publishes financial crime guide Nov 2012

FSA publishes financial crime guide Nov 2012 –

FSA publishes financial crime guide Nov 2012 – The FSA has published its guide “Financial Crime: A guide for firms” including new text following its thematic reviews of anti-bribery systems and controls at investment banks and banks’ defences against investment fraud.

This guide is intended to provide all firms with practical guidance on how systems and controls can be used to counter the risks of financial crime of various kinds.

Part 1 of the guide sets out guidance on anti-crime systems and controls generally and some specific guidance on systems to prevent money laundering, bribery and fraud.
- The guidance on systems and controls to prevent and identify money laundering and terrorist financing is intended to be supplemental to, rather than replace the guidance provided by the Joint Money Laundering Steering Group.
- In addition, market abuse and insider dealing remain a priority for regulatory enforcement, however, the guide does not include guidance intended specifically to tackle these forms of financial crime because guidance exists in the FSA’s Market Conduct Sourcebook.
Part 2 of the guide includes summaries of all relevant FSA thematic reviews and the examples of good and poor practice from those thematic reviews.
- The FSA will update the guide periodically to reflect new publications, thematic reviews, enforcement actions and perceived emerging risks.

Two additional documents have been published with this guide reflecting the feedback from and new guidance incorporated into the guide following thematic review of

• anti-bribery systems at investment banks and
• banks’ defences to investment fraud.

The guide is general guidance on regulatory principles and rules. It does not constitute part of the FSA Handbook and is not binding on firms. However, firms are expected to be aware of the guidance in so far as it affects them and are expected to consider the guidance when establishing, implementing and maintaining their anti-crime systems and controls.