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Legal News

Key points from FCA financial crime guide updates

Published on: 28 January 2025
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Table of contents

  • Key changes
  • Sanctions systems and controls
  • Proliferation financing
  • Guidance on transaction monitoring systems
  • AML obligations for cryptoasset businesses
  • Consumer Duty obligations
  • Other changes
  • Practical takeaways
  • Conclusion

Article summary

Law360, Expert analysis: Following its April 2024 consultation, the Financial Conduct Authority (FCA) made changes to its financial crime guide, or FCG, effective from November 2024. The updates reflect the FCA's learnings on sanctions systems and controls following Russia's invasion of Ukraine, they also highlight expectations on firms in relation to proliferation financing, set out guidance on transaction monitoring systems, and include clarifications on the consumer duty and anti-money laundering requirements for cryptoassets businesses. Written by Emma Radmore, legal director, and Laura Wiles, solicitor, at Womble Bond Dickinson.

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