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The FCA’s Dear CEO Letter – A Call to Action for UK Retail Banks

This paper explains the issues raised in the FCA’s Dear CEO letter, and explores how CEOs should respond to the deficiencies identified by the FCA.

    Summary

    The FCA’s Dear CEO letter, issued in May 2021 to the CEOs of the UK’s retail banks, was a call to action for those in charge to address the repeated deficiencies the UK regulator has identified through their recent assessments.

     

    The issues raised in the letter are not new, and are consistent with what has been seen in recent enforcement actions or thematic reviews. How CEOs engage and respond to the letter will be key in demonstrating effectiveness and ownership of anti-financial crime (AFC) regulatory compliance.

    In this paper, ACAMS provides CEOs with the insights to help them address the letter, and ensure that their anti-financial crime control environment is fit for purpose.

     

     

    The Paper Includes:
    An exploration of the themes of the Dear CEO letter
    The reasons why UK banks are suffering persistent AFC failures
    Key takeaways and actions for CEOs

    Who Should be Interested?

    • Money Laundering Reporting Officer (MLRO)
    • Head of Compliance
    • Head of AML
    • Senior management
    • Executive / board level

    Main Sectors

    • Financial institutions
    • Consultancies
    • Regulated entities