Martin Mulligan-McArthur’s Post

The Financial Conduct Authority (FCA) is stepping up its game to combat financial crime faster than ever before, especially in light of the increasing number of fraudulent activities and money laundering schemes. But is it fast enough? A recent National Audit Office report has further highlighted the urgency for change, emphasising the critical role of efficient management in this process. For more on these reforms, check out: https://bit.ly/3H4aFEF #FinancialConductAuthority #FCA #Audit #FinancialCrime

With the Financial Crime Commission Act (FCCA) effective from March 29th, 2024, it's crucial that your business is ready for this significant change. Our financial crime prevention services are tailored to guide you through this new environment, guaranteeing compliance with the FCCA's strict regulations. Stay ahead, safeguard your business, and maintain the utmost financial integrity with our expert advice. For more information, please contact us on sylvie.greco@bdo.mu #FCCA #FinancialCrimePrevention #Compliance

BRG’s Financial Institution Advisory practice is pleased to share the third-annual edition of the Consumer Finance Enforcement Action Tracker – Year in Review. This tracker provides insight into current trends in regulatory and state enforcement actions and uses those actions to support institutions in initiating risk mitigation steps. This edition includes data from Q1 through Q4 2023, a summary of current actions, enforcement action trends, federal enforcement actions, and state enforcement actions. Download the 2023 Year in Review>>> https://lnkd.in/g3eJsVvC #financialinstitutions #consumerfinance #enforcement #FIA

UDAAP and Credit Reporting continue to have the top number of actions along with the greatest fines and penalties. BRG is well positioned address institutions credit reporting needs not only through our partnership with Consumer Data Industry Association but also through our experts who have worked hundreds of credit reporting assessments / remediations / software implementation. Feel free to message me or the experts below to learn more. Michael Canale, Laura Gudaitus #CFPB, #consumerfinance, #riskmanagement, #creditreporting

In 2022, the Financial Conduct Authority (FCA) revealed a three-year plan outlining three primary elements for change. These include decreasing and averting significant financial harm and crime, establishing and evaluating loftier standards, and nurturing competition and beneficial change through increased regulatory transparency. Currently in its final year, the FCA is concentrating on accomplishing a strong conclusion. As such, it recently publicised its Business Plan for 2024/25 (the Business Plan), which details challenges, focus areas, and strategies to deliver on its commitments in the upcoming 12 months. This alert investigates the regulator’s primary enforcement objectives and the planned steps for the next year to combat financial crime. #FCAInitiatives #FinancialSafety #AMLSolutions #PreventingCrime #FinancialProtection #CombatingFraud #SecureFinance #FCAPlan #AMLC

Navigating the intricate regulatory environment can be challenging for financial institutions as they work to pinpoint, evaluate, and address the financial crime risks inherent to their business. In this article our Regulatory Consulting team delves into the Business Wide Risk Assessment, emphasising the significance of a well-executed BWRA and discussing why it is an essential part of a robust Financial Crime Compliance Framework. Read more here: https://bit.ly/3RbI4mk and contact our expert team for advice. #dwf #regulatory #consulting #financialsector

The third of our courses for CTP in 2024

Here’s a useful update from PwC Ireland on the changing face of #AML regulation in Europe with the establishment of the EU’s #AMLA and the new EU Single Rulebook. #financialcrime, #moneylaundering, #antimoneylaundering

Another great webinar by Association of Certified Financial Crime Specialists - ACFCS which covered in great detail the challenges FIs (Financial Institutions) and other REs(reporting entities) face while preparing and planning their sanction compliance program, the scope of ongoing monitoring adopted within this program, and also ensuring that there is compliance maintained with the FIUs in place. One more key component discussed in the webinar by the panel was concerned with EDD (Enhanced Due Diligence) and how a company can ensure its EDD program is successful and up-to-date with the latest trends. Documentation plays a crucial role in backing the RGS (Reasonable grounds to suspect) and the reasons for their actions or response to the suspicious activities.

The third of our courses for CTP for 2024 (20 March) will be a primer on financial crime controls for Compliance and Risk staff - taking a holistic approach and including a focus on some of the governance issues it's important to get right on this. Details below https://bit.ly/3S90VQ2