More than 50 findings identified in reliance examinations

Our thematic examination regarding Reliance on Obliged Persons, which we completed earlier this year, has identified 54 findings where businesses were not meeting their statutory obligations and regulatory requirements.

We conducted reviews of 11 regulated businesses including banks, fund services businesses, investment businesses and trust company businesses to assess how they rely on other parties for customer identification measures.

While a number of the businesses examined were largely compliant, some had to make significant changes to their working practices due to a number of findings we identified.

Our feedback paper, published today, details our findings and we encourage all businesses to review the report so they can assess their own compliance.

We will continue to assess the use of the reliance regime as part of our ongoing work to fight financial crime. We also intend to focus on a number of the findings in our future examinations programme.

Thematic examination feedback paper: Reliance on obliged persons

Join Hamish Armstrong, our Chief Adviser, Financial Crime and Amanda Reilly, Head of Examination Units on Tuesday 18 August at 11:30, for our webinar on reliance to learn more about these findings as well as why reliance so important.