Fincrime Compliance Report 2022

An insight into AML audits and the compliance challenges facing financial services firms 

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Fincrime Compliance Report 2022

We are delighted to present fscom's Fincrime Compliance Report for 2022. It's been five years now since we issued our last audit analysis report. Even setting aside major global events like the COVID-19 pandemic, it would be an understatement to say a lot has changed since then. The continued rise of technology is one example. Money launderers are using increasingly sophisticated tools to conceal illicit financial flows, while regulators increasingly expect firms to use technology to detect suspicious activity. 

In this report, we summarise the most common weaknesses in internal compliance systems identified in 57 audits that we carried out between July 2021 and July 2022. This data analysis is combined with our sector expertise to produce a report which we are confident will assist clients and industry stakeholders and enable firms to benchmark themselves using industry standards.

 

 
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Most common weaknesses in AML compliance
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Top 5 AML areas affected
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Key challenges and issues identified
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Useful industry benchmark
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Though this report features the most striking findings, they are risks that all firms should be aware of. We hope it will provide a benchmark of how a company may be doing in terms of compliance, and the areas they should consider revisiting to protect against external threats. Of course, every firm faces its own challenges, so our advice is to speak with a financial crime expert if you think your existing processes require more detailed investigation."

Philip Creed, Director, fscom 
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About fscom

At fscom, we strive to offer excellent service in a professional and personable manner. We deliver this through our unrivalled understanding of financial services regulation and a strong emphasis on taking a commercial and innovative approach that puts our clients’ needs first.

We are specialists in providing regulatory advisory services to a broad range of financial services institutions including payment services and e-money, retail banks, cryptocurrency, trading and broking and asset management firms.

We work across three core areas of regulatory compliance, financial crime and cyber security and provide a range of services including compliance advice, authorisations, audits, interim roles and compliance training.
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