Tracey McDermott, FSA’s director of the Enforcement and Financial Crime Division, has spoken on FSA’s work, regulatory reform and expectations from firms in the field of combating financial crime. She focused on what firms can expect from the Financial Conduct Authority (FCA) in terms of enforcement generally and financial crime in particular. She said FCA will carry out systematic, recurrent and in-depth reviews of the biggest banks' defences against money launderers and sanctions breaches. It also intends to work on financial crime risks in investment managers. She also spoke about investment fraud and how FSA uses both criminal and civil powers to address the risks of this. She said FSA is about to start a thematic review of how asset managers handle the risks of money laundering, sanctions breaches and bribery. It hopes asset managers have taken note of the reviews of banks' procedures. Finally, she highlighted FSA's powers on market abuse, including its fines on those who do not file Suspicious Transaction Reports. (Source: Combating Financial Crime: Key Themes and Priorities for 2013)