PIMFA
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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
More about Daisy White-Smith
Daisy has seven years financial crime experience across sectors including banking, e-money / payments, wealth and investment management.
She has worked on a number of advisory and remediation projects as well as s166 reviews on behalf of the FCA. She has also support the NYDFS on the Monitorship of Deutsche Bank.
More about Rebecca Cummings
Rebecca leads the financial crime practice at Avyse Partners. She has consulted on a huge variety of financial crime-related projects, from Skilled Person reviews and global Monitorships to remediation programmes and designing and implementing proportionate, risk-based frameworks from (an almost) blank sheet of paper!
She has performed on-site reviews in Asia and Europe, specialising in areas including CDD, sanctions and governance. Other projects have included developing both business and customer risk assessments for a variety of clients including branches and subsidiaries of overseas banks.
Prior to consulting, she worked in the commercial arm of one of the UK’s largest retail banks where she delivered several regulatory projects, including in their Fraud and Financial Crime teams
