FCA has published its 2012/2013 annual AML report. The report summarises enforcement action and the findings of the thematic reviews of banks' management of high money laundering risk situations and banks' control of financial crime risks in trade finance. It then goes on to list the current trends and emerging risks that FCA is helping identify to produce the National Risk Assessment required by the Financial Action Task Force (FATF). These are:

  • e-money issuers;
  • cybercrime;
  • money service businesses;
  • digital currencies; and
  • alternative banking platforms.

The report also announces forthcoming reviews of e-money and new payments methods, and follow-up work on high-risk politically exposed persons (PEP) as customers of smaller banks. FCA also published its first Financial Crime Newsletter, which summarises recent regulatory and enforcement developments. (Source: AML Annual Report 2012/2013)