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Financial Crime Risk Management

Effective Strategies for Organisations

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In 2023, UK financial services, including banks and fintechs, spent a staggering £34.2 billion annually on financial crime compliance (FCC), up 19% from 2020. This surge reflects the complexities of regulatory landscapes and advancing criminal threats.

The financial sector faces increasing risks from crimes like money laundering and fraud, with 68% of executives predicting a rise in financial crime. The Financial Conduct Authority (FCA) has escalated its fight against financial crime, initiating 65% more supervision cases in 2022/2023 and imposing fines that comprised two-thirds of its total penalties.

Technology now accounts for 50.9% of FCC expenses, demonstrating its importance to the fightback. It also reflects the importance of organisations integrating effective anti-financial crime practices and leveraging data and technology to enhance security and compliance.

Brighter landing

 

£34.2bn Spent by UK financial services organisations each year on financial crime compliance
68% Of executives expect financial crime to increase over the next 12 months
66.7% Fines relating to financial crime issued by the FCA on regulated firms.
Contents

What you'll find

TOUCH
Time to take a risk-based approach to financial crime
Time to take a risk-based approach to financial crime

We explore risk-based strategies for financial crime prevention, including customer due diligence and regular assessments, while ensuring effective compliance and adaptability to new regulations.

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The role of technology in financial crime prevention
The role of technology in financial crime prevention

We discuss the technological innovations revolutionising financial crime prevention – such as blockchain, instant payments, and data analytics – and the challenges of implementing them. 

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Embedding anti-financial crime measures
Embedding anti-financial crime measures

We provide practical advice on embedding compliance into your organisational operations and decision-making culture, enhancing risk management while reinforcing trust across the industry.