FCA Dear CEO letter to Annex 1 firms on money laundering compliance

In what has to be seen as testament to our gap analysis service, the FCA said in their latest Dear CEO letter “We expect you to complete a gap analysis against each of the common weaknesses we have outlined within six months of receipt of this letter. You should take prompt and reasonable steps to close any gaps identified. We expect the senior manager responsible for the gap analysis to have sufficient seniority to be able to carry it out effectively. We also expect them to make sure that the gap analysis is completed promptly, and its findings shared internally and acted upon.”

That said, a Dear CEO letter is always harder to create a gap assessment against than an enforcement notice. This is due to the level of detail and specificity included. But the team have worked tirelessly to provide insightful, thought providing and challenging self assessment questions that will help you conclude on the effectiveness of your own framework.

As always with our gap analysis, we’ve zoomed out to make the tool applicable to all firms. So although the Dear CEO was specifically targeted at Annex 1 firms, anyone across the regulated sector would do well to perform this gap analysis.

As always, we love to hear your feedback on our products, please don’t hesitate to drop us a line with positive or constructive feedback on the template.

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