Upcoming financial crime thematic review of asset managers –

23 Nov 2012

In a speech by Tracey McDermott, director of the Enforcement and Financial Crime Division at the Financial Services Authority (FSA), at the APCIMS Conference, firms were reminded that a thematic review of asset managers was about to begin. The thematic review will focus on how asset managers handle the risks of money laundering, sanctions breaches and bribery, and the findings will be published in the third quarter of 2013 by the Financial Conduct Authority (FCA), which is where the Enforcement and Financial Crime Division will operate from under the new financial services regime. Twenty-two firms have been identified and will be visited as part of the thematic work, but all asset managers should take the opportunity to review their own anti-financial crime measures, and to take corrective action to improve systems and controls where necessary. Following the publication of the review, firms will be expected to assess their financial crime systems an

d controls in the light of any findings. Read more……

FSA speech http://www.fsa.gov.uk/library/communication/speeches/2012/0926-tm.shtml