The wholesale banking, retail banking and wealth management sectors in the UK remain vulnerable to financial crime and pose the greatest money laundering risk based on sector risk assessments by the country’s Financial Conduct Authority (FCA).

According to the UK treasury’s Anti-money laundering and counterterrorist financing: Supervision Report 2019-20 published at the end of November, the FCA committed to further enhancing its supervision and engagement with these sectors in line with the Economic Crime Plan 2019-22 (ECP) in an approach consisting of three main proactive programme categories.

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