The UK’s Financial Conduct Authority (FCA) aims to be a data-led supervisor, but can it keep pace with private sector innovation and funding?
In July this year, as part of a commitment made in the UK government’s Economic Crime Plan (2019–2022) and in the context of its new post-Brexit autonomy, HM Treasury launched its consultation to review potential amendments to the Money Laundering Regulations (MLRs) 2017 and the UK’s financial crime regulatory and supervisory regimes. In the rapidly evolving financial crime landscape, regulation needs to keep pace with the rise of new technologies that are constantly changing the face of finance and financial crime, by developing more sophisticated supervisory systems and processes that are targeted and dynamic.