FCA's approach to tackling financial crime

Speaking at the Financial Crime Summit, the executive director highlighted that the FCA will:

• Continue to take a targeted approach to enforcement, with 3 times as many freezing orders obtained in 2023 as in 2022 and over £21m in assets belonging to individuals under investigation restrained;
• Prioritise a preventive rather than reactive approach to financial crime issues through private and public partnerships and engagement; and
• Focusing on innovation and data-led approaches to enhance supervisory capabilities, including scanning around 100,000 websites every day to identify potential scams or fraudulent activity.

Firms can review Pritchard’s speech to gain insights into the ongoing objectives and expectations of the FCA, and any operational considerations which may be required.