FCA publishes findings from its review of financial crime controls across 242 asset management and alternative investment firms, highlighting good practices and gaps in key AML controls 

The review found that over one-fifth of firms had inadequate business-wide risk assessments, 18% lacked a formal customer risk assessment, and only 36% of firms outsourcing CDD/EDD had full oversight of third-party AML processes. The report also sets out examples of good and poor practice, with a particular focus on the heightened ML risks arising from complex ownership structures in private markets, while urging firms to strengthen governance, CDD and AML control frameworks…