In Regulatory Wrap for the week to February 16, Jennie Clarke reports on the FCA’s recent investigation involving money laundering and insider dealing found to be connected to organized crime groups.
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In this Regulatory Wrap, we examine the Financial Conduct Authority’s (FCA) recent Market Watch 77 release, which advises that firms diligently deter financial misconduct as the regulator carries out an investigation linked to organized crime groups (OCG).
1. On February 7, the FCA’s Head of Secondary Market Oversight, Jamie Bell, joined Global Relay for a fireside chat and gave insight into some current focus areas for the U.K. regulator, including artificial intelligence, crypto, and non-financial misconduct
2. Bell also mentioned action against OCGs, which manifested recently when the FCA announced an investigation involving financial misconduct linked to the matter
3. The regulator’s newly released Market Watch 77 newsletter focuses on OCGs, guidance on how to spot criminal activity, and measures firms can take in defense
4. The FCA specifically emphasized that junior staff members may be more vulnerable to OCG recruitment and suggests against sharing their information on social media channels
5. The FCA urges firms to express their intolerance for market abuse by monitoring risks and working with regulators to prevent illicit behavior
This Regulatory Wrap is brought to you by Global Relay’s Head of Content, Jennie Clarke.
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