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

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.