Information on financial crime investigation - March 2024

We can confirm that in the 2022/23 financial year, 10 investigations were opened and 20 investigations were closed.

Please note that we categorise investigations by reference to the recorded primary issue(s) in the case. Consequently, in providing the above data, we have included those investigations in which the primary issue noted by the relevant case team is one of the following:

• Money laundering controls
• Bribery & corruption controls
• Misappropriation of client assets/funds
• Fraud - insurance fraud
• Fraud - mortgage fraud
• Fraud against consumer

We have opened 3 investigations in the 2022/23 financial year for MLR breaches:

• 1 investigation for breach of the 2007 regulations;
• 1 investigation for breach of the 2017 regulations; and
• 1 investigation for breaches of both the 2007 and 2017 regulations.

We can confirm that 1 individual pleaded guilty to charges of arranging and advising on regulated mortgages without FCA authorisation. Sentencing was delayed pending further charges which were resolved in November 2023.

There are approximately 18,000 firms falling under FCA AML Supervision. The exact number varies on a periodic basis with changing firm authorisation and permission statuses.

Please note that we provide approximate figures to HM Treasury who publish these figures in their ‘Anti-money laundering and countering the financing of terrorism: Supervision Report’ – their latest report can be found on the following webpage.