FCA restricts 6 firms following concerns over anti-money laundering controls
By FCA
AI summary of the source article
The FCA has imposed restrictions on six unregulated Annex 1 lenders following concerns over their anti-money laundering controls. The measures limit their ability to accept new customers, extend credit, and in some cases require an orderly wind-down.
Why it matters
The FCA stated that this action forms part of its "enhanced oversight of Annex 1 firms" because these entities "operate in sectors that can present a heightened risk of money laundering and other financial crime."
Key facts
- The FCA placed restrictions on six Annex 1 firms, including Kingscrown Finance, MOMSB, Momentus Capital, Grosvenor Funding, Grosvenor Funding (North West), and Abbital.
- The restrictions limit new customer acquisition, restrict lending, and mandate independent reviews of anti-money laundering frameworks or loan book wind-downs.
- The FCA is assessing information request responses from around 900 registered Annex 1 firms as part of enhanced financial crime oversight.
Source excerpt · FCA
Restrictions have been placed on 6 unregulated lenders, known as Annex 1 firms, after the FCA raised concerns about their anti-money laundering policies, controls and procedures while assessing their applications. The restrictions were imposed by the FCA on each firm’s request and limit their ability to take on new customers or do new business with existing customers, including extending existing…