FCA’s multi-firm PEP review findings need ‘attention and action’

The FCA issued its multi-firm review on the treatment of Politically Exposed Persons back in July.  

At a closed session attended by Avyse last week the FCA highlighted that that Firms need to give the FCA’s findings ‘attention and action’. However, it’s clear from the outcomes of our recent Skilled Person and advisory work that many Firms have not yet given the review due consideration and haven’t made the required changes in order to comply with the changes to the Money Laundering Regulations that were made in January. 

Our gap analysis sets out the key gaps identified by the FCA and poses some challenging questions to help you assess whether you still have gaps that need to be addressed.  

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