About the Guide:
• This Guide consolidates FSA guidance on financial crime. It does not contain rules and its contents are not binding.
• It provides guidance to firms on steps they can take to reduce their financial crime risk.
• The Guide aims to enhance understanding of FSA expectations and help firms to assess the adequacy of their financial crime systems and controls and remedy deficiencies.
• It is designed to help firms adopt a more effective, risk-based and outcomes-focused approach to mitigating financial crime risk.
• The Guide does not include guidance on all the financial crime risks a firm may face. The self-assessment questions and good and poor practice we use in the Guide are not exhaustive.
• The good practice examples present ways, but not the only ways, in which firms might comply with applicable rules and requirements.
• Similarly, there are many practices we would consider poor that we have not identified as such in the Guide. Some poor practices may be poor enough to breach applicable requirements.
• The Guide is not the only source of guidance on financial crime. Firms are reminded that other bodies produce guidance that may also be relevant and useful.
• Guidance in the Guide should be applied in a risk-based, proportionate way. This includes taking into account the size, nature and complexity of a firm when deciding whether a certain example of good or poor practice is appropriate to its business.
• This Guide is not a checklist of things that all firms must do or not do to reduce their financial crime risk, and should not be used as such by firms or FSA supervisors.
Detailed report link: here
