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AML, sanctions, fraud and transaction monitoring: what the FCA expects and how firms evidence their controls.
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The FCA's May 2026 findings connect sanctions exposure, screening design, data quality, alert calibration, escalation and breach reporting.
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The FCA's May 2026 findings connect sanctions exposure, screening design, data quality, alert calibration, escalation and breach reporting.
A decision guide to employed, external-support and co-sourced MLRO models, focused on SMF17 capacity, authority and retained senior-management accountability.
A practical guide to the FCA's Financial Crime Guide requirements for transaction monitoring, including AI approaches and good practice.
In response to evolving regulatory landscapes and recent global events, the Financial Conduct Awareness (FCA) has unveiled proposed updates to its Financial Crime Guide, CP24/9. The revisions aim to enhance sanctions systems, address proliferation financing, and refine transaction monitoring with a focus on modern technologies like Artificial Intelligence and cryptoassets. With these updates, the FCA seeks to fortify financial crime prevention measures and ensure firms are well-equipped to meet new challenges. As firms adapt to these changes, MEMA Consulting stands ready to offer expert guidance and tailored support, helping businesses align with FCA's stringent standards and navigate this complex regulatory terrain effectively.
The European Parliament has decided to approve a set of rules to enhance the EU's anti-money laundering and terrorist financing tools, with a specific focus on the cryptocurrency business. The regulation mandates the implementation of heightened due diligence protocols and identity verifications for customers. Obligatory entities, including cryptocurrency asset managers and institutions, are required to notify Financial Intelligence Units (FIUs) or other competent authorities of any suspicious activities. An elevated degree of due diligence is being applied to the cryptocurrency sector.
Financial crime undermines market integrity and public trust, prompting the FCA's 3-year strategy. MEMA advises firms to use tech, collaborate, educate, strengthen compliance, foster responsibility, and support AML reform. For assistance, contact MEMA's experts.
A business risk assessment provides visibility of the levels of AML risks within your firm to demonstrate the application of a risk-based approach. The outcome of the BRA is an AML risk rating for you and the organisational chart of business units is differentiated into high, medium or low risk. The BRA evaluates the AML risks faced by the business and demonstrates that it allocates resources according to the risk-based approach.
Trigger Events highlight instances where there may be a change in customers’ circumstances.
Money laundering is the process of concealing or disguising the existence, source, movement, destination, or use of illicitly-derived property or funds to make them appear legitimate.
Customer due diligence (CDD) is a key element in helping your firm:
“A Politically Exposed Person (PEP) is a natural person who is or has been entrusted with prominent public functions and includes his/her immediate family or persons known to be close associates of such persons, but shall NOT include middle ranking or more junior officials.”
In the UK, Part 3 of the Terrorism Act 2000 criminalises terrorist financing and makes it an offence to:
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