FSA financial crime newsletter – focus on anti-bribery and corruption risks
04 Oct 2012

The FSA has published the sixteenth edition of its financial crime newsletter. The FSA’s “Core Financial Crime Programme” launched in its previous financial crime newsletter will be expanded to include anti-bribery and corruption risks from the middle of next year.

The programme will be rolled out across a group of the “highest impact” banks in the UK. From 2013 the Financial Conduct Authority (FCA) will continue with the FSA’s intensive and intrusive approach to supervision and will focus on the inherent risks in each bank’s business model.

Once the FCA has undertaken an initial assessment of each bank, it expects there to be a four-year rolling programme where each institution will have two business units, plus any associated central functions examined at each cycle.

The newsletter also confirms that the FSA/FCA’s next round of thematic work will concentrate on:

• money laundering, terrorist financing and sanctions risks in trade finance; and
• anti-money laundering and anti-bribery and corruption systems and controls in asset management firms.
The FSA expects to publish reports on both areas by Q3 2013.

The FSA has also confirmed that a revised version of its Financial Crime Guide will be published on 1 November 2012.

A copy of the newsletter is available click here = http://www.fsa.gov.uk/static/pubs/newsletters/fc-newsletter16.pdf