High staff turnover in offshore firms and inadequate training are increasing the risk of companies becoming the victims of financial crime, according to new findings from the FSA.
In a new report reviewing financial crime controls in offshore centres, the regulator stressed firms must have appropriate training to ensure staff are quipped to identify and report incidences of financial crime. "We found that the quality of staff training was generally poor - mainly as a result of the high level of staff attrition and consequent high level of recruitment, which makes it difficult for firms to maintain effective training on financial crime," reads the Review of financial crime controls in offshore centres. It urges firms to review their training and introduce incenti...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes