Financial crime in the payments and e-money sector


The Financial Conduct Authority (FCA) and UK Financial Intelligence Unit (UKFIU) hosted a webinar on Financial crime in the payments and e-money sector on 18 July 2023. 

Fighting financial crime in the payments and e-money sector requires a collective effort across law enforcement, supervision authorities, firms and Government. This webinar built on the FCA's public commitment to reduce and prevent financial crime as set out in our 3-year strategy, in addition to the latest payments and e-money portfolio letter and the Consumer Duty. It also aligned with recommendation 17 of the Economic Crime Plan 2 to develop a 4P approach (Prevent, Protect, Prepare, Pursue) to target criminal use of FinTech, and linked enablers such as e-money institutions. 

This webinar offered attendees the opportunity to understand:

• Suspicious Activities Reports (SARs) reporting process and value as a vital tool in identifying criminal actors and the UK’s action plan for anti-money laundering and terrorism financing

• Our expectations for effective financial crime systems and controls to protect customers' money and prevent harm

Speakers included senior representatives from the FCA and UKFIU and there was opportunity for questions at the end. 

The webinar was targeted at payments and e-money institutions, as well as associated trade associations.