FCA restricts 6 firms following concerns over anti-money laundering controls
Financial Conduct Authority
Restrictions have been placed on 6 unregulated lenders, known as Annex 1 firms, after the FCA raised concerns about their anti-money laundering policies, controls and procedures while assessing their applications.
The restrictions were imposed by the FCA on each firm’s request and limit their ability to take on new customers or do new business with existing customers, including extending existing credit.
This action forms part of the FCA’s enhanced oversight of Annex 1 firms. These firms operate in sectors that can present a heightened risk of money laundering and other financial crime and are required to register with the FCA for supervision under the Money Laundering Regulations. They are not authorised or subject to wider FCA regulation.
