The regulator has reminded firms to respond to government alerts when tackling financial crime
The FSA has reminded firms that taking into account government or regulatory alerts will help them to develop a more risk based approach to tackling financial crime.
The regulator said this is particularly important in helping companies manage the risks that money laundering and information security pose to their businesses.
“If we are to truly operate the sort of intelligence led, alert driven, risk based approach to reducing financial crime we have been working for, and the industry has been asking for, then the industry needs to respond to alerts when given.
Philip Robinson, director of the financial crime and intelligence
Commenting on the use of the alerts Philip Robinson, director of the financial crime and intelligence division at the FSA said: "If we are to truly operate the sort of intelligence led, alert driven, risk based approach to reducing financial crime we have been working for, and the industry has been asking for, then the industry needs to respond to alerts when given."
Also announced were the findings of a review on the anti-money laundering risks at private banks, the FSA's work on information security and targeted programmes to help smaller firms understand and reduce the risk of them being used for purposes of financial crime.
