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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