Senior staff need to tackle financial crime, says FSA
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The Financial Services Authority says the responsibility for managing financial crime risks lies with firms’ senior management.
In a speech given to the British Bankers’ Association today Margaret Cole, director of enforcement at the FSA, labelled the regulator the “gatekeeper of the UK financial system.”
But she says that the FSA also expects senior management at regulated firms to lead the way in countering the risks of financial crime.
Cole says: “Senior management should take clear responsibility for managing financial crime risks, whether thearise from launderers and fraudsters, or corrupt intermediaries.
“These risks should be treated like any other risk faced by the business - they should be understood, assessed and monitored, and judgements should be made about how best to mitigate them.
“We expect to see senior management demonstrating leadership on financial crime issues.
“We look for evidence that senior management understand and are shaping their firm’s approach to financial crime risks.
“And we want to see suitably senior and independently-minded staff with sufficient resources taking responsibility for mitigating financial crime risks.”
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