On 22 June 2011, the FSA issued a consultation paper on a (non-binding) new regulatory guide on financial crime. The comprehensive guide is intended as a practical addition to the currently limited formal guidance issued by the FSA, and to help (UK) regulated entities better understand and meet their legal and regulatory obligations.
The guide contains, among other things, an overview of self-assessment questions and good and poor practices for regulated entities on: anti-money laundering, terrorist financing, fraud, data security, anti-bribery and corruption, sanctions and weapons proliferation financing. Also, the FSA shares it findings on the aforementioned subjects gathered during thematic reviews. This way, regulated entities can compare themselves against their peers' systems, controls, policies and procedures.
Market parties are requested to provide comments on the contents of the guide by 21 September 2011.