FCA Finds Nearly One in Three Firms Has No Transaction Monitoring
Nearly three in ten alternative asset managers covered by a Financial Conduct Authority review have no formal transaction monitoring system, according to findings published by the UK regulator on Wednesday. The FCA surveyed 242 firms and received responses from 87% of the sample.The results form the basis of a new FM Intelligence analysis of financial crime controls across the alternative asset management sector. The data points to gaps in customer risk assessment, ongoing monitoring and management oversight.Private Markets Carry Higher PEP ExposureAmong the firms responding to the FCA, 29% reported having no formal transaction monitoring system.
- ▪Nearly three in ten alternative asset managers covered by a Financial Conduct Authority review have no formal transaction monitoring system, according to findings published by the UK regulator on Wednesday.
- ▪The FCA surveyed 242 firms and received responses from 87% of the sample.The results form the basis of a new FM Intelligence analysis of financial crime controls across the alternative asset management sector.
- ▪The data points to gaps in customer risk assessment, ongoing monitoring and management oversight.Private Markets Carry Higher PEP ExposureAmong the firms responding to the FCA, 29% reported having no formal transaction monitoring system.
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Nearly three in ten alternative asset managers covered by a Financial Conduct Authority review have no formal transaction monitoring system, according to findings published by the UK regulator on Wednesday. The FCA surveyed 242 firms and received responses from 87% of the sample.The results form the basis of a new FM Intelligence analysis of financial crime controls across the alternative asset management sector. The data points to gaps in customer risk assessment, ongoing monitoring and management oversight.Private Markets Carry Higher PEP ExposureAmong the firms responding to the FCA, 29% reported having no formal transaction monitoring system.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at Finance Magnates | Financial and business news.
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