PIMFA Webinar: Financial Crime Outlook 2024: What You Need To Know’
Whilst some of the same financial crime compliance challenges remain and other risks emerge, what’s clear is that reducing financial crime continues to be a FCA priority in 2024. The regulator’s dedicated financial crime function within Consumer Investments will be proactive in identifying firms with fraud, scams, money laundering or sanctions risk indicators using data and intelligence. Expect to see an increase in on-site visits and inspections with little-to-no warning. Your preparedness for regulatory scrutiny will be critical.
Being confident that you are meeting, implementing and embedding the regulator’s expectations and play your part to reduce financial crime is key. Rebecca Cummings and Daisy White-Smith of Avyse Partners outline and prioritise your financial crime objectives for the year ahead.
Key topic areas for discussion include, but are not limited to:
- The treatment of domestic PEPs and practical considerations
- An overview of The Economic Crime and Corporate Transparency Act 2023 and the implications for firms in the wealth and investment management sectors
- Sanctions compliance – key areas to focus on in 2024
- Collating, analysing and reporting data to support identification and management of financial crime risks
Daisy White-Smith
Rebecca Cummings
Avyse Partners
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The Economic Crime and Corporate Transparency Act 2023 (ECCTA) is a major piece of UK legislation that received Royal Assent in October 2023, aimed at preventing the abuse of corporate structures and strengthening the fight against economic crime. It builds upon the earlier Economic Crime (Transparency and Enforcement) Act 2022. In collaboration with Macfarlanes, this ten-page practical guide aims to raise awareness of the ECCTA information sharing gateways, provide clear, practical explanations of how the provisions operate and give firms the confidence to use them appropriately and proportionately.