FCA finds weak corruption defences at platforms and fund managers

A thematic review of 22 firms' systems and processes uncovered a series of faults, including inconsistent or absent methods of identifying risks posed by new customers and weaknesses in how firms followed up on risk assessments. Some firms considered the longstanding nature of some of their business relationships allayed the need to conduct further due diligence, while others failed to verify the legitimacy of sources of funds used in business relationships with high risk customers, the regulator said. However, the FCA said it also found examples of good practice across the industry, ...