FCA's technology frontline against financial crime

A new report from the regulator prioritises the use of data and technology, along with substantial collaborative efforts, to reduce and prevent financial crime. Firms will need to do the heavy lifting, warn Imogen Makin and Joe Rybacki.

Imogen Makin is counsel, advising on contentious regulatory issues, while Joe Rybacki is an associate whose practice covers white-collar crime and regulatory matters, at WilmerHale in London. Contact them on imogen.makin@wilmerhale.com and josef.rybacki@wilmerhale.com.

"Stopping financial crime requires a collective effort...we will be more proactive in our supervision. Where we detect harm or UK-wide financial crime vulnerabilities, we will continue to share intelligence with our partners to enable a system-wide response"; [1] so stated the Financial Conduct Authority when it published its three-year strategy in 2022. In February 2024, the FCA published a progress update and identified four key areas of focus for the agency in reducing and preventing financial crime going forwards ('the Report'). [2]