Gather, analyse and respond to financial crime information and intelligence

This standard is about gathering, assessing and responding to information and intelligence relevant to financial crime. Information could come from external or internal sources to your organisation. You must respond appropriately to the information and pass on any supporting information to the appropriate party. You will need to fully document your assessment of the information and provide a rationale for any actions taken as a result. You should also consider documenting why action has not been taken. This standard is relevant to roles in countering financial crime.

1. access relevant, and up-to-date information on financial crime from appropriate sources
2. assess the importance, relevance and accuracy of the information gathered or received, taking into account all relevant factors
3. examine the potential impact that the information may have on your organisation’s activities and/or its stakeholders
4. determine what type of action, if any, is required to deal with the potential impact of the information on countering financial crime and who is responsible for taking this action
5. document any actions or inactions appropriately
6. where appropriate, inform senior management or the relevant authorities of your findings and action
7. share any necessary supporting information with relevant parties, whilst maintaining confidentiality as appropriate

1. your organisation’s strategy and approach towards countering financial crime
2. relevant sources of information relating to financial crime, e.g. regulatory, statutory, industry and market bodies
3. how to evaluate the importance of the information gathered or received and the potential impact it might have on your organisation
4. the circumstances under which you should pass on information or report your findings to senior management or to a designated individual or relevant authority
5. the importance of maintaining confidentiality of information, for example, to avoid “tipping off”
6. the responsibilities of financial services organisations for communicating with regulatory and statutory bodies
7. the legislation, regulations and codes of practice, relevant to you and your organisation and any specific obligations

"Financial Crime
This includes any office involving money laundering, terrorist financing, fraud
or dishonest or market abuse. (Definition based on the FCA definition of
financial crime). This includes financial crime both internal and external to a
financial services organisation.
Legal and regulatory requirements
This refers to a range of obligations incumbent upon financial organisations
and is commonly referred to as ‘compliance requirements. The legal and
regulatory requirements of an organisations or individual/s within it (such as
‘approved persons) may differ slightly according to the type of financial
organisation and the services it offers. The regulator of all providers of
financial services in the UK oversees a number of regulated activities under
powers derived from the Financial Services and Markets Act 2000.
A number of other pieces of UK legislation are relevant to the countering of
financial crime, such as the Proceeds of Crime Act (POCA), the Serious
Organised Crime and Police Act (SOCPA, the Fraud Act 2006, for example.
UK financial institutions are also subject to European Commission legislation
enacted by the British Government such as the Market Abuse Directive and
the Basel 2 Accord (for capital adequacy).
Financial organisations, like any other employer, are also subject to a range of
legal requirements covering areas such as discrimination, equality and
diversity, Health and safety and Data protection.
Organisation
This refers to an organisation that offers financial services this could be
insurance, investment, lending and credit, pensions, securities and
derivatives. It includes organisations in both the public and private sector.
Stakeholder
This refers to anyone that has an interest in, or may be affected by, the
success of the financial institution; this could be individuals, groups and
organisations. For financial organisations this includes the Board, committees,
employees and in some instances, shareholders. For some this may also be
its clients or investors.
Systems and controls
The practices and procedures put in place to protect an organisation from
financial crime. In some cases it is accepted that certain (or indeed all) types
of financial crime cannot be wholly prevented, but controls can limit its extend
and impact."