FCA advises on Financial Crime reporting

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.

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.

Lavanya Rathnam

Lavanya Rathnam is an experienced technology, finance, and compliance writer. She combines her keen understanding of regulatory frameworks and industry best practices with exemplary writing skills to communicate complex concepts of Governance, Risk, and Compliance (GRC) in clear and accessible language. Lavanya specializes in creating informative and engaging content that educates and empowers readers to make informed decisions. She also works with different companies in the Web 3.0, blockchain, fintech, and EV industries to assess their products’ compliance with evolving regulations and standards.

Posted in UncategorizedTagged , , ,

Leave a Reply

Your email address will not be published. Required fields are marked *