FCA Sets Out New Approach to Financial Crime

FCA Chief Executive Nikhil Rathi set out the renewed approach while speaking at the FCA Financial Crime Conference.

Key themes highlighted in the speech include:

➡️ Evolving Threat Landscape: The FCA warned that organised criminal groups are increasingly using technology, cross-border networks and complex financial structures to facilitate economic crime at an unprecedented pace and scale;

➡️ National Security Focus: Financial crime is now viewed as a broader economic and national security issue, with concerns over links between illicit finance, hostile state actors and destabilising activity; and

➡️ System-Wide Coordination: The FCA emphasised that regulators, firms, government, law enforcement, technology providers and consumers must work collectively to address increasingly networked financial crime threats.

✅ Firms should reassess financial crime risk frameworks, intelligence-sharing arrangements, fraud controls and AML capabilities to ensure they align with the FCA’s increasingly intelligence-led and system-wide supervisory expectations.

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