Combatting fraud is a challenge that financial institutions face daily. Legislators and supervisors such as the Financial Conduct Authority (FCA) have made it clear that tackling the risks of fraud must be a top priority for firms, making the process seem daunting for many.
Upon reviewing the FCA’s most recent Dear CEO letter, relevant parts of the FCA’s Financial Crime Guide, and JMLSG Guidance, we have created this fraud audit checklist to help ensure that your anti-financial crime framework is primed and prepared for the risks it faces.
What areas does the checklist cover?
Risk Assessment and Risk Appetite
Governance and Management Information
Policies and Procedures
Customer Due Diligence
Enhanced Due Diligence
Anti-Fraud Systems and Controls
Customer Screening
Transaction Monitoring
Reporting and Information Sharing
Training and awareness
Assurance and Audit
Horizon Scanning