Jonathan Cowey, Business Director for Regulated Services at Webhelp UK, considers what the FCA’s new anti-money laundering bill means for UK financial organisations.
The demand for change
What do firms need to be aware of and be thinking about?
The latest message from the FCA is a firm and clear reminder to organisations that they should be fully assessing UBOs.
So what’s the issue?
Can organisations stand still?
Firstly – it is their obligation; it’s a regulatory requirement, and failure to do this can see hefty fines imposed. There is major precedent for this too. The FCA levied nearly £570m of financial penalties on organisations during 2021, 84% of which (£477m) related directly to failings within AML compliance, with UBO being a key facet to this.
Secondly – costs. When not done correctly, the costs to remediate back books and the operational upheaval to put things right far outweighs the costs of simply getting it right in the first place.
Thirdly – and most importantly in my view – ethically; it is the right thing to do. It is the moral obligation of institutes to ensure they are acting and enabling a safer, more secure world – their customers expect it of them.
It’s time to act
At Webhelp, we offer a full KYB/UBO compliance capability; consultancy expertise, technology solutions, as well as skilled KYB, AML and compliance resources globally to support you on this journey. We partner with many financial services organisations, both here in the UK and across the globe with their AML programmes.
Jonathan Cowey is the Business Director for UK Regulated Services at Webhelp. Please do not hesitate to get in touch if you have any questions and he will be happy to discuss with you.