Tracey McDermott spoke to BBA on the role FSA currently plays, and the role the Financial Conduct Authority (FCA) will play in tackling financial crime. She said the FS Bill’s integrity objective explicitly tasks FCA not to let the UK financial system be used for the purposes of financial crime. Although the Prudential Regulation Authority (PRA) has no such mandate it will also need to be alert to the risks firms face. She moved on to speak about areas of current regulatory activity, specifically investment fraud, high-risk customers and trade finance (into which FSA has just begun a thematic review). She also said the “Systematic Anti-Money Laundering Programme” piloted over the past year will continue to apply to the largest banks operating the UK. It enables FSA to take a view on an ongoing basis of how robust banks’ defences against money laundering and sanctions risks are. Finally, she stressed that the culture and incentive structure within banks must not aggravate financial crime risk. (Source: FSA Speaks on FCA and Financial Crime)