FCA restricts business at 6 Annex 1 lenders over anti-money laundering controls

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FCA has imposed restrictions on 6 unregulated Annex 1 lenders, preventing them from taking on new customers or conducting new business with existing customers, including extending existing credit. The restrictions were imposed at each firm’s request, after FCA raised concerns about their anti-money laundering policies, controls and procedures while assessing their applications. FCA also reminded regulated firms that registration status is no substitute for their own due diligence, and said it is assessing responses to information requests sent to around 900 registered Annex 1 firms to identify financial crime risks and decide whether to take further action.