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Financial Crime Remains a Key Priority for FCA

In the Financial Conduct Authority’s Business Plan published on 1 April 2015, they listed financial crime as one of its key areas of focus in the coming year.

The move reflects growing concern at the FCA about the impact of cybercrime in digital transactions.

Businesses should now urgently consider how effective their IT infrastructures are and whether there are any weaknesses posed by the risk cybercrime. 

There will also be increased focus on the effectiveness of systems and controls that are in place to prevent money laundering, bribery and corruption. Firms will need to demonstrate that they have effective, proportionate and risk-based systems in place to ensure that their business cannot be used for financial crime. 

Significantly for SMEs the FCA is likely to look more closely at the processes and controls in place at smaller firms, and firms of that size which may be exposed to a high risk of financial crime could face more scrutiny from the FCA in the coming year.

Slater and Gordon's Senior Business Crime Lawyer said, “This is a significant development, particularly for the SME sector. The FCA is no longer concentrating just on big business and now is the time for all businesses to review their systems and controls and take expert advice where necessary.” 

At Slater and Gordon we have over 30 years’ experience in the field of Business Crime and are independently recognised as market leaders. We can assist if you:

• you or your business are subject to an investigation by the FCA;
• believe that you may be at risk of enforcement action being taken against you by the FCA; or
• the FCA has already brought proceedings against you or your business.

For more information or legal advice please call Slater and Gordon on freephone 0800 916 9054 or contact us online and we will call you back.

Slater and Gordon are one of the largest law firms in the UK with offices in London, Manchester, Liverpool, Birmingham, Sheffield, Milton Keynes, Bristol, Derby, Merseyside, Cambridge, Edinburgh, Cardiff, Halifax, Newcastle, Wakefield and meeting rooms in Bramhall, Cheshire and in Hull, Yorkshire.


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