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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