FCA: Increase in number of banks filing financial crime reports

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UK banks and other financial firms are filing more Suspicious Activity Reports (SARs) than ever before, the Financial Conduct Authority (FCA) said in an emailed press release to PYMNTS on Monday (November 1).

Deposits have been increasing year on year since 2017, according to data disclosed in the Financial Crime: Analysis of REP-CRIM 2017-2020 Business Data. The overall increase was 16% between 2017 and 2020. The report was analyzed by a Parliament Street think tank that compared the Financial Crime Data Return Report (REP-CRIM) from more than 2,300 companies. different.

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The retail bank filed 804,105 SARS reports, comprising more than 78 percent of SARS cases reported internally and about 85 percent submitted externally to the National Crime Agency (NCA). The retail lending space filed the second highest number of reports with 204,374. The third highest sector was the wholesale financial markets at 12,062.

Next come the sectors of retail investment, investment management, general insurance and protection and pensions and retirement income, the statement said. These industries have filed under 10,000 SARS combined.

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“Money laundering and other forms of financial crime present major challenges for banks, and this is a problem that has only been supported by the advent of remote working and widespread online banking systems. . It is therefore absolutely essential that companies work closely with the FCA to openly and honestly report signs of illegal activity and work with them to take appropriate action, ”said Wayne Johnson, CEO and Co-Founder of Encompass Corporation.

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Many financial services companies find it difficult to implement Your Customer (KYC) and Anti-Money Laundering (AML) solutions because it can be an “extremely difficult task that costs time and resources,” Johnson said, adding that companies must invest in “the necessary automation”. On-demand regulatory technology due diligence, gather critical documents and report potentially suspicious transactions.

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