FCA: REVIEW FINDS WEAKNESSES IN SOME CHALLENGER BANKS’ FINANCIAL CRIME CONTROLS

FCA

FCA Review reveals weaknesses in banks that are challenging the controls on financial crime

  • FCA has discovered that the challenger banks must improve the way they evaluate the risk of financial crime
  • In some cases, the challenger banks did not have risk assessments of financial crime for their customers.
  • Concerns have been raised about the quality of the banks’ checks when they take on new customers.
  • Challenger banks seek to compete with traditional high-street banks by utilizing modern technology and the most up-to-date technology systems.
  • Many of them are new to the UK markets for finance and have businesses that are solely online.
  • It focused its attention on the challenger banks, which were relatively new to the market and had simple and fast application procedures.

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Chris Evan was born in Dubai and raised in Montreal. He studied Computer Science and was so pleased with computer languages. He began writing after obsessing over technology.

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