According to Financial Crime, on Sunday 15, December, the fast rise in financial crimes has triggered probe actions again, the last of which happened in 2015. Recent data shows a 16% increase in the number of ordered reports as 51 skilled persons’ reports have been ordered in the last year. The subject “Skilled Person’s reports” gained popularity after the misconduct at Royal Bank of Scotland.
This kind of report is usually the first step that comes up when Bank of England (BOE) and Financial Conduct Authority (FCA) suspects foul play in some aspects of business, after which a full investigation is conducted. Any company subject to investigation is usually required to pay for the probe which may be up to 100,000 pounds, and an Accountancy firm, Binder DijkerOtte (BDO) has projected a significant rise in the number for future years.
A BDO partner, Fiona Raistrick said in a statement that Financial regulators use these reviews to pull down companies where there is a higher risk of money laundering activities. This also has posed high threats on online trading platforms, as they are urged to strengthen their platforms in order to avoid potential risk.
