Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

FCG 3.3 Further guidance

FCG 3.3.1

1FCTR contains the following additional AML guidance:

  1. FCTR 4 summarises the findings of, and consolidates good and poor practice from, the FSA’s thematic review of Automated Anti-Money Laundering Transaction Monitoring Systems

  2. FCTR 5 summarises the findings of, and consolidates good and poor practice from, the FSA’s Review of firms’ implementation of a risk-based approach to anti-money laundering (AML)

  3. FCTR 10 summarises the findings of the Small Firms Financial Crime Review. It contains guidance directed at small firms on:

    1. ◦ Regulatory/Legal obligations (FCTR 10.3.1G)

    2. ◦ Account opening procedures (FCTR 10.3.2G)

    3. ◦ Monitoring activity (FCTR 10.3.3G)

    4. ◦ Suspicious activity reporting (FCTR 10.3.4G)

    5. ◦ Records (FCTR 10.3.5G)

    6. ◦ Responsibilities and risk assessments (FCTR 10.3.7G)

  4. FCTR 12 summarises the findings of the FSA’s thematic review of Banks’ management of high money laundering risk situations. It includes guidance on:

    1. ◦ High risk customers and PEPs – AML policies and procedures (FCTR 12.3.2G)

    2. ◦ High risk customers and PEPs – Risk assessment (FCTR 12.3.3G)

    3. ◦ High risk customers and PEPs – Customer take-on (FCTR 12.3.4G)

    4. ◦ High risk customers and PEPs – Enhanced monitoring of high risk relationships (FCTR 12.3.5G)

    5. ◦ Correspondent banking – Risk assessment of respondent banks (FCTR 12.3.6G)

    6. ◦ Correspondent banking – Customer take-on (FCTR 12.3.7G)

    7. ◦ Correspondent banking – Ongoing monitoring of respondent accounts (FCTR 12.3.8G)

    8. ◦ Wire transfers – Paying banks (FCTR 12.3.9G)

    9. ◦ Wire transfers – Intermediary banks (FCTR 12.3.10G)

    10. ◦ Wire transfers – Beneficiary banks (FCTR 12.3.11G)

    11. ◦ Wire transfers – Implementation of SWIFT MT202COV (FCTR 12.3.12G)

FCG 3.3.2

1FCTR also summarises the findings of the following thematic reviews:

  1. FCTR 3: Review of private banks’ anti-money laundering systems and controls

  2. FCTR 7: Review of financial crime controls in offshore centres

  3. FCTR 15: Banks’ control of financial crime risks in trade finance (2013)