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Final Rules on New Financial Crime Reporting Requirements

New Financial Crime Reporting Requirements

2nd August 2016

Last week on the 29th July 2016, the FCA issued a Policy Statement (PS16/19), reporting upon the main issues arising from Chapter 6 of their Consultation Paper (CP15/42) relating to the introduction of a financial crime reporting form. In addition the regulator published their final rules on this topic.

Financial Crime Return REP-CRIM

At the end of last year in December 2015, the regulator consulted on a proposal to introduce a financial crime return also known as the REP-CRIM. Their proposals for this new reporting form were laid out in Chapter 6 of their Consultation Paper CP15/42.

Last week’s Policy Statement now summarises the responses received by the regulator and lays out the FCA’s view for further clarification as well as the final rules and the timescale for implementation of the new financial crime reporting requirement.

Financial Crime Reporting Implementation Date

Affecting all firms that are subject to the Money Laundering Regulations, those responsible within firms should ensure they are familiar with the new reporting requirements since the new provisions will come into effect on the 31st December 2016.

Affected firms should ensure they complete the new reporting form, the REP-CRM, within 60 business days of their Accounting Reference Date, meaning that those with a Account Reference date of 31st December 2016 will have to make their first report in March 2017.

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Comment from the FCA:

“At present, our financial crime supervisory work relies on the use of ad hoc data requests to gather information about firms’ systems and controls...This affects our ability to operate a truly risk-sensitive supervisory approach in line with global standards. Consequently, we propose to introduce a financial crime return for the first time.”

FCA, 29 July 2016, PS16/19