Thames, London | Seven Compliance

FCA enforcement places ‘inadequacy of staff training’ under the microscope

Recent AML fines issued to two financial firms illustrate that financial crime compliance remains central to the FCA’s enforcement agenda. The fines add weight to the FCA’s mounting purpose to target firms who fail to put adequate governance, systems and controls in place to effectively counter financial crime risks.

‘Inadequacy of training for staff’ was identified as a central theme after being specifically referenced as a recurring weakness in the regulator’s summary of reasons for final notice action in both instances.