FCA’s financial crime controls raise eyebrows over digital banks


European Supervisory Authorities highlight key risks in gloomy times

For a number of years, we are witnessing increasing numbers in online banks and Fintechs trying to modernise the traditional banking experience. These businesses rely on using innovative solutions and the latest technology to speed up and simplify banking as much as a possible. While some benefits cannot be denied, one thing to always remember is that banking is based on trust and prudent behaviour. UK’s Financial Conduct Authority performed a series of reviews regarding online banks’ financial crime standards. Their findings showcased several wrongdoings in terms of new clients onboarding processes and customer risk assessment procedures.
In this alert you will read more about FCA’s findings and future trends and precautions for online banking and Fintech companies.