FCA warns CEOs over firm AML failings
By 
Kyle Brasseur2024-03-05T20:55:00
The U.K. Financial Conduct Authority (FCA) warned the chief executive officers of approximately 1,000 financial institutions it supervises regarding common failures in anti-money laundering (AML) procedures it observed during recent assessments.
The agency’s “Dear CEO letter,” published Tuesday, is addressed to the leaders of Annex 1 businesses, which include certain lenders, safe custody providers, money brokers, and financial leasing companies. These firms are not subject to wide FCA regulation but must register regarding compliance with the Money Laundering, Terrorist Financing, and Transfer of Funds Regulations 2017 (MLRs).
In the letter, the FCA noted frequently observed deficiencies including:
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