The Consumer Duty & SMCR

How do the Consumer Duty & SMCR tie in together? Know Your Compliance Limited already offer the UK’s leading SMCR Policy Toolkit with over 25 policies, checklists and tools for complying with the Senior Managers & Certification Regime (SMCR). However, the introduction of new regulatory rules and guidance from 31st July 2023 under The Consumer […]

FCA Fines Guaranty Trust Bank (UK) Limited £7.6m for AML Failings

Surprisingly, some firms are still not complying with the Money Laundering Regulations and the FCA’s oversight requirements for anti-money laundering compliance. For organisations such as Guaranty Trust Bank (UK) Limited, it appears that a past FCA fine totalling £525,000 in August 2013 for major AML systemic failings, was insufficient to make the bank review and revise […]

Compliance Manual for FCA Authorised Firms

What is an FCA Compliance Manual? Know Your Compliance Limited are proud to offer the UK’s leading and most comprehensive suite of policies, procedures, templates and checklists for FCA authorised firms. With more than 7500 organisations using our documents, you can be assured of professional, high quality content and templates. Whether you are currently going […]

Compliance Manual for Financial Services

Discover the UK’s Leading FCA Compliance Manual FCA Authorisation Guidance If you plan to carry out regulated activities, you will need to be authorised by the Financial Conduct Authority (FCA). Complying with the many rules and requirements means having the mandatory policies and controls in place prior to submitting your application.  Read our FCA Authorisation […]

How To Carry Out an AML Risk Assessment

A company’s size, scope and sector help to determine the types of money laundering risks posed. An assessment is carried out across the entire business to identify and record risk factors. The records must be kept up to date, unless the relevant Supervisory Authority advises otherwise in writing. In addition to legal and regulatory compliance, reasons for carrying out an AML risk assessment are: –

How Do I Risk Assess New Clients?

Whether it’s for standard due diligence or to comply with your anti-money laundering obligations, it is an essential business practice to risk assess new clients. It is during the onboarding of new clients that a company needs to learn as much as it can about the customer. This includes identifying and validating the reasons a […]

Eye Watering FCA Fines for MLR Breaches

The Financial Conduct Authority (FCA) handed out over £13million in fines in June 2022 in relation to breaches of the Money Laundering Regulations (MLR). For firms with obligations under the MLR who are also regulated by the FCA, the regulator is a Supervisory Authority with the power to investigate and sanction criminal and civil breaches […]

3 Ways to Improve Your Cyber Security

What is Cyber Security? The term cyber security simply means protecting your devices and networks from cyber attacks. Computers, smartphones and tablets are an essential part of every day life. Whether it’s via email, app, the internet or connection to a network, all our devices are susceptible to unauthorised access. Cyber criminals continually find new […]

What Are GDPR Technical and Organisational Measures?

The GDPR refers to the ‘appropriate technical and organisational measures’ 92 times! This alone emphasises the importance of having these measures in place. But what are they? Unfortunately, the Regulation doesn’t go into any detail about these measures and what exactly they are. Hence the creation of this article.