Telephone 020 3813 2890 for a free no obligation chat about your regulatory requirements with one of our compliance consultants.
© Compound Growth Limited 2012 - 2018 | Terms of Use
Registered in England and Wales as limited company number 07626537 - Registered Office 120 Pall Mall, London, SW1Y 5EA
We use cookies, if you consent to this use, please continue to browse our site.
Here to help with Regulation and Compliance
Final Rules on New Financial Crime Reporting Requirements
New Financial Crime Reporting Requirements
2nd August 2016
Last week on the 29th July 2016, the FCA issued a Policy Statement (PS16/19), reporting upon the main issues arising from Chapter 6 of their Consultation Paper (CP15/42) relating to the introduction of a financial crime reporting form. In addition the regulator published their final rules on this topic.
Financial Crime Return REP-CRIM
At the end of last year in December 2015, the regulator consulted on a proposal to introduce a financial crime return also known as the REP-CRIM. Their proposals for this new reporting form were laid out in Chapter 6 of their Consultation Paper CP15/42.
Last week’s Policy Statement now summarises the responses received by the regulator and lays out the FCA’s view for further clarification as well as the final rules and the timescale for implementation of the new financial crime reporting requirement.
Financial Crime Reporting Implementation Date
Affecting all firms that are subject to the Money Laundering Regulations, those responsible within firms should ensure they are familiar with the new reporting requirements since the new provisions will come into effect on the 31st December 2016.
Affected firms should ensure they complete the new reporting form, the REP-CRM, within 60 business days of their Accounting Reference Date, meaning that those with a Account Reference date of 31st December 2016 will have to make their first report in March 2017.
News & Views
Read our latest articles, news and views affecting compliance and regulation in the UK Financial Services Industry.
Compliance Support from Compound Growth Ltd
Please contact our Compliance Support Team for a free no obligation discussion of your regulatory requirements and how our regulatory & compliance consultants can help your business move forward compliantly.
Call by Telephone:
(020) 3813 2890
Comment from the FCA:
“At present, our financial crime supervisory work relies on the use of ad hoc data requests to gather information about firms’ systems and controls...This affects our ability to operate a truly risk-sensitive supervisory approach in line with global standards. Consequently, we propose to introduce a financial crime return for the first time.”
FCA, 29 July 2016, PS16/19
