The UK’s financial regulator sent a letter to banking industry chiefs across the UK in May – which was recently made public via its website hub.

Written by David Geale, the director of retail banking & payments supervision for the FCA, the missive highlighted key issues and weaknesses surrounding retail banks’ financial crime controls. It also requested that each firm complete a gap analysis of each of the identified weaknesses and take prompt and reasonable steps to resolve them by 17 September 2021.

The letter warned that the regulator is likely to request a demonstration of the steps taken after this date and, if deemed inadequate, the FCA may consider appropriate regulatory action in order to manage the financial crime risk posed.

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