About a-team Marketing Services
The leading knowledge platform for the financial technology industry
The leading 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: How to optimise the business value of your data using agile data governance

Data governance is transforming from a risk management and compliance tool with limited and prescriptive controls, to a solution that can help you optimise the business value of your data. In this role, data governance must scale to manage rising volumes of data, more and different data types, and changing user requirements, while continuing to...

BLOG

Sanctions Against Russia Mean Screening is More Vital than Ever

By Collette Allen, Client Services Director, SmartSearch. Firms should take action to review their due diligence and sanctions screening procedures to avoid falling foul of extensive new and emerging sanctions against Russia. The wide-ranging sanctions imposed so far by Western nations include restrictions against individuals, entities and their subsidiaries, and the introduction of legislation to...

EVENT

RegTech Summit Virtual (Redirected)

The RegTech Summit Virtual is a global online event that brings together an exceptional guest speaker line up of RegTech practitioners, regulators, start-ups and solution providers to collaborate and discuss innovative and effective approaches for building a better regulatory environment.

GUIDE

ESG Data Handbook 2022

The ESG landscape is changing faster than anyone could have imagined even five years ago. With tens of trillions of dollars expected to have been committed to sustainable assets by the end of the decade, it’s never been more important for financial institutions of all sizes to stay abreast of changes in the ESG data...