Surge in FCA suspicious transactions reports
Steep rise in suspicious transaction reporting to the UK regulator indicates growing caution from the financial industry
Reports of suspicious activity to the UK Financial Conduct Authority (FCA) are continuing to rise significantly. An average of 117 suspicious transactions per month are now being reported to the regulator, compared with just 28 per month five years ago – representing growing fears of non-compliance and higher penalties, according to London law firm Pinsent Masons.
Michael Ruck, a senior associate at Pinsent Masons and former FCA lawyer who specialises in financial services enforcement, links the
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