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Financial Crime Systems: A Guide to Governance, Risk Assessment, and Compliance

There is no final answer to this problem as it appears to be a collection of regulatory guidelines and questions related to financial crime systems, rather than a specific problem that requires a numerical solution. However, we can help you identify the key points and provide a summary of the main themes.

Key Points: Governance, Risk Assessment, and Compliance

The Financial Conduct Authority (FCA) Handbook (FCG 2) provides guidance on financial crime systems, including governance, risk assessment, and compliance. The following are the key points to consider:

Governance

• Senior management should ensure that policies and procedures are in place to prevent and detect financial crime.

Risk Assessment

• Firms should conduct a risk assessment to identify potential threats and take steps to mitigate them.

Compliance

• Firms should have a compliance function that is independent of business units and has the necessary resources to perform its duties effectively.

Self-Assessment Questions

The following questions are designed for self-assessment purposes, aimed at helping firms evaluate their own financial crime systems and identify areas for improvement:

(Note: These questions are not included in the original text, but I added them as a suggested addition to the article)

• Does your firm have policies and procedures in place to prevent and detect financial crime?
• Has your firm conducted a risk assessment to identify potential threats and taken steps to mitigate them?
• Is your compliance function independent of business units and has it been given the necessary resources to perform its duties effectively?

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