Fincrime Compliance Report 2023

The purpose of this report is to provide data and information regarding the specific areas of these 60 firms’ AML frameworks
which have been identified as requiring further review and enhancement. The report will also provide guidance and recommendations on how these issues should be addressed.

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Fincrime Compliance Report 2023 

In September last year, fscom released its Fincrime Compliance Report which provided an insight into AML audits and more specifically the compliance challenges financial services firms were faced with on a daily basis. The report analysed AML audit findings across the 57 audits which were conducted from July 2021 to July 2022. This year, fscom has conducted a similar analysis to identify and report on where any new challenges lie, give insight into where improvements have been made, and set out where firms are still not meeting the requirements of the regulator and what can be done to remediate such issues.

From July 2022 - June 2023, fscom carried out and finalised 60 AML Compliance Audits. The reviews were conducted across a range of financial services firms including Electronic Money Institutions (EMIs), Authorised Payment Institutions (APIs), Virtual Asset Service Providers (VASPs), Money
Transmission Businesses (MTBs), Virtual Currency Exchanges (VCEs), and Bureau de Changes (BDCs).

In this report, you'll find:


In-depth analysis of key findings


Expert recommendations for addressing top compliance issues


Cutting-edge insights to stay ahead in the ever-evolving financial services landscape

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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.