UK FCA consults on updates to its Financial Crime Guide

The UK Financial Conduct Authority (FCA) has published a consultation paper (CP26/38) consulting on changes to its Financial Crime Guide to reflect recent supervisory findings and developments in financial crime risks. The FCA proposes updates to areas covering: (i) fraud, including authorised push payment fraud and money mules; (ii) cryptoassets, ahead of the new regulatory regime coming into full effect on 25 October 2027; (iii) financial and trade sanctions; (iv) proliferation financing; (v) data security, including to address emerging risks associated with AI, synthetic identity fraud and digital assets; (vi) financial crime systems and controls; (vii) money laundering and terrorist financing; and (viii) other consequential changes.

The proposed updates are intended to clarify and update existing guidance rather than introduce new requirements and include refreshed self-assessment questions and examples of good and poor practice. The deadline for responses is 24 December, after which the FCA intends to publish its feedback and the final amended guide in a policy statement. On future plans, the FCA is exploring more flexible ways to provide financial crime guidance, focused on emerging risks and priority areas. This could include question-and-answer sessions and standalone guidance without prior consultation where it is not required. The guidance would then be consolidated within the Financial Crime Guide at a future date.

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