The FSA has published a review of small firms' implementation of anti-financial crime systems and controls. The review, which was conducted in response to the findings of the Financial Action Task Force and the National Audit Office, assesses the extent to which small firms across the financial services industry have addressed financial crime risks in their businesses.

The review undertook visits to 159 firms across the wholesale and retail sectors and covered three main areas - anti-money laundering and financial sanctions, data security and fraud controls. Although the report does not constitute formal FSA guidance, the FSA expects firms to translate the findings into a more effective assessment of the risks in their business and to implement and maintain more effective and appropriate controls where necessary.