Context
In 2022 the FCA published its 3-year strategy, identifying the reduction and prevention of financial crime as a priority. The public-private national Economic Crime Plan 2 (2023 to 2026) and Fraud Strategy, both published by Government in 2023, establish actions for public and private sector parties, with an ambition to measurably reduce financial crime.
Key points to note and next actions
The strategy has now passed its midpoint, with the FCA taking the opportunity to provide an update on the work it has delivered, which is already having an impact. It also looks ahead at 4 areas of focus it has identified, where further collaborative effort can help towards reducing and preventing financial crime. The published update includes a summary of the impact of the FCA’s work during 2022-23 in respect of Fraud; Money Laundering and Sanctions; and Working with Firms.
It also identifies four areas of focus for both firms and the regulator:
- Data and technology
- Collaboration
- Consumer awareness
- Measuring effectiveness (Metrics)
The content includes suggested actions and questions for firms and also case studies for particular scenarios.