Fri. Jul 10th, 2020

Planet Compliance

Innovation & Regulation in Finance

FCA advises on Financial Crime reporting

2 min read

The FCA today issued Policy Statement “PS16/19: Financial Crime Reporting: feedback on Chapter 6 of CP15/42 and final rules”.

In this Policy Statement, the FCA reports on the main issues arising from Chapter 6 of Consultation Paper 15/42 Introduction of financial crime reporting form and publish the final rules.

Financial Crime police-850054_1280

In December 2015, the regulator consulted on a proposal to introduce a financial crime return (REP-CRIM). The proposal was set out in Chapter 6 of Consultation Paper (CP) 15/42. This Policy Statement (PS) summarises the responses the FCA received to the consultation and its view on these responses. It also presents the final rules and implementation timescale for the reporting requirement.

The Handbook provisions come into force on 31 December 2016. Firms captured should complete the REP-CRIM within 60 business days of their ARD.

The FCA statement and related information can be found here.

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