About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

UK FSA Warns Will be Examining Firms’ Data Practices Around AML

Subscribe to our newsletter

The UK Financial Services Authority (FSA) has given the industry a heads up in its latest newsletter that it will be scrutinising firms’ systems and controls around anti-money laundering data, especially for politically exposed persons (PEPs), over the course of the next five months and going into next year. Details of the regulatory project are scant at the moment, but the regulator is bound to assess firms’ overall data management efforts to maintain this data in a timely manner.

As noted recently by WestLB’s executive director of operations control Sarah Feast and Royal Bank of Canada’s global head of reference data Julia Sutton, getting a handle on client data from across an organisation is far from a simple process. Both firms are working with a number of vendor partners in order to get their data into shape for incoming regulatory requirements and to meet current requirements in a more efficient and timely manner.

Given the FSA’s current bent towards heavy penalties for those it finds in non-compliance with regulations such as MiFID, firms can expect a heavy handed approach to be taken in regard to AML infractions also. Moreover, the regulator’s ability and intent to drill down to a much more granular level of data detail (as exhibited in its fining of BarCap last year for transaction reporting failures), should also be heeded.

The FSA has indicated, however, that the firms involved in the review have all now been contacted (you have been warned) and the results will be published in the first quarter of next year.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Best practice approaches to data management for regulatory reporting

Effective regulatory reporting requires firms to manage vast amounts of data across multiple systems, regions, and regulatory jurisdictions. With increasing scrutiny from regulators and the rising complexity of financial instruments, the need for a streamlined and strategic approach to data management has never been greater. Financial institutions must ensure accuracy, consistency, and timeliness in their...

BLOG

Inside the FCA’s Data Factory: How the Regulator Is Re-Composing MiFID, EMIR and SFTR Reporting for a New Era

When the UK’s Financial Conduct Authority (FCA) talks about innovation in financial markets, it is often interpreted as guidance for firms and RegTech providers. But one of the lesser-recognised realities – made clear in its recent speech on innovation and human expertise – is that the FCA is itself one of the country’s largest consumers of...

EVENT

Buy AND Build: The Future of Capital Markets Technology

Buy AND Build: The Future of Capital Markets Technology London examines the latest changes and innovations in trading technology and explores how technology is being deployed to create an edge in sell side and buy side capital markets financial institutions.

GUIDE

The DORA Implementation Playbook: A Practitioner’s Guide to Demonstrating Resilience Beyond the Deadline

The Digital Operational Resilience Act (DORA) has fundamentally reshaped the European Union’s financial regulatory landscape, with its full application beginning on January 17, 2025. This regulation goes beyond traditional risk management, explicitly acknowledging that digital incidents can threaten the stability of the entire financial system. As the deadline has passed, the focus is now shifting...