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FCA raises concerns over challenger banks FinCrime defences following ‘substantial’ increase in SARs filed

By Elizabeth Hearst for AMLi

The Financial Conduct Authority (FCA) has raised concerns over the financial crime defences of new challenger banks, amid a “substantial” increase in suspicious activity reports filed in 2021. 

The FCA said a review found that challenger banks “need to improve how they assess financial crime risk”, with some banks “failing to adequately check their customers’ income and occupation.”

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