The FSA’s Business Plan 2009/10 confirms that FSA will continue to encourage firms to improve and maintain their operational money laundering risk controls as a key measure to decrease criminals’ ability to exploit firms and consumers. Through their supervisory activities FSA will encourage firms to balance the management of prudential and operational risks to mitigate the ongoing risk of financial crime in relation to the money laundering regulations 2007.

FSA are carrying out a thematic review of anti-bribery and corruption systems and controls in
commercial insurance brokers’ systems to assess whether the industry is taking appropriate action in the important area of Money Laundering. FSA plan to publish their findings in Q4

FSA will also continue with their review of small firms’ financial crime systems and controls in the areas of anti-money laundering and counter-terrorist financing, fraud, financial sanctions, and data security. The project will report in Q4 2009.

The FSA have put together a money laundering regulations factsheet to assist small Financial Advisers adopt appropriate practices to mitigate money laundering and terrorist financing risks.

If you require an audit of existing money laundering procedures or assistance in developing new procedures to comply with the money laundering regulations 2007, please contact us.