FCG 2.1 Introduction

Who should read this chapter? This chapter applies to all firms subject to the financial crime rules in SYSC 3.2.6R or SYSC 6.1.1R. It also applies to e-money institutions and payment institutions within our supervisory scope.

The Annex I financial institutions which we supervise for compliance with their obligations under the Money Laundering Regulations are not subject to the financial crime rules in SYSC. But the guidance in this chapter applies to them as it can assist them to comply with their obligations under the Regulations.

All firms must take steps to defend themselves against financial crime, but a variety of approaches is possible. This chapter provides guidance on themes that should form the basis of managing financial crime risk. The general topics outlined here are also relevant in the context of the specific financial crime risks detailed in subsequent chapters. See SYSC 6.1.1R and SYSC 3.2.6R.