The Financial Services Authority (FSA) is set to probe the asset management industry in a review of the risks of bribery, corruption, sanctions and money laundering, according to law firm Dechert.
A statement from the firm said 22 groups have already been identified for review.
Dechert warned the industry: "All asset managers, whether they are to be visited by the FSA or not, should review their compliance in these areas."
It said compliance failings in any of the areas "could lead to very significant adverse consequences".
The FSA and other enforcement agencies have focused on these areas in relation to other types of financial firms, but now asset managers are also to be scrutinised.
The UK's new Bribery Act, in force for just over a year, has put a fresh onus on all commercial organisations to put in place adequate procedures and the Serious Fraud Office has been enforcing previous anti-corruption legislation.
It is also believed to be undertaking a number of investigations under the new Act, Dechert said.
The FSA's thematic review of bribery and corruption compliance in investment banks, published in March, identified significant weaknesses, including failure to undertake adequate anti-bribery and corruption risk assessments, poor management information, failure to carry out specific anti-bribery and corruption audit and significant issues in firms' dealings with third parties used to win or retain business.
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