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Financial Crime Prevention in the Financial Sector

Overview of Key Points

The following points highlight essential requirements for firms in the financial sector to effectively combat financial crime, as outlined in the Financial Crime Guide (FCG).

Governance

• Clear Policies and Procedures: Firms must establish and maintain clear policies and procedures that prevent financial crime.
• Senior Management Responsibility: Senior management is accountable for ensuring these policies and procedures are followed by all employees.

Risk Assessment

• Identifying Potential Risks: Firms must conduct thorough risk assessments to identify potential vulnerabilities to financial crime.
• Developing Mitigation Strategies: Based on the identified risks, firms should develop strategies to mitigate or minimize them.

Oversight and Compliance

• Internal Audits: Regular internal audits are necessary to ensure that anti-financial crime measures are effective.
• Compliance Reviews: Compliance reviews should be conducted to verify adherence to regulatory requirements and industry standards.

Employee Training

• Tailored Training: Employees, especially those in customer-facing roles, must receive training on financial crime prevention tailored to their positions.
• Ongoing Education: Firms should provide ongoing education and updates to ensure employees remain informed about evolving financial crime threats.