The FCA’s latest thematic review highlights major shortcomings in how UK firms assess financial-crime risk. Many Business-Wide Risk Assessments (BWRA) and Customer Risk Assessments (CRA) are still too generic, poorly evidenced, or disconnected from real-world controls. Key gaps identified include:  • Risk assessments not tailored to the firm’s actual products, customers or exposure.  • Weak links between BWRA findings and monitoring/testing.  • Senior management focusing heav

Big news from the Financial Conduct Authority (FCA) – they’re sharpening their fraud prevention toolkit. The regulator announced it will now have the power to cancel or amend a firm’s permission within 28 days if the firm fails to take appropriate action after a warning. Key highlights: Firms must now prove they are actively using the regulated activity they’re authorised for — or risk losing that permission. The move is aimed at tackling impersonation and cloning of authoris