Earlier this year, the FCA published its findings of a review it conducted in 2021 of the financial crime controls of six challenger banks, constituting a sample of firms that are relatively new to the market and offer a quick and easy application process for opening an account. Recent comments and decisions by the FCA have reinforced their message that they expect better and more effective financial crime controls to be in place.

This note looks at practical points which challenger banks should be looking at to manage their financial crime challenges.

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