Fines issued by the UK’s Financial Conduct Authority more than doubled last year. Financial institutions should prepare for 2023 by considering some learnings from last year’s regulatory enforcements.

 

In this document, we examine key themes from major enforcement actions in 2022 and offer practical advice and strategies to aid financial institutions in both preventative and remediation measures.

Areas we cover include:

  • Governance processes

  • Onboarding and Customer Risk Assessment

  • Ongoing customer monitoring

  • Transaction monitoring

  • Customer exit and closure processes