The Financial Action Task Force (FATF) has recommended that the UK Financial Conduct Authority (FCA) consider the wider use of criminal background checks on owners and controllers of financial institutions.
This recommendation is aimed at ensuring that criminals and their associates are prevented from owning or controlling financial institutions.
The FCA currently conducts criminal background checks on a risk-based approach, meaning checks are performed when specific concerns about an individual’s fitness and propriety arise.
In line with the FATF recommendation, the FCA is now proposing to require controllers and beneficial owners to obtain criminal background checks from the Disclosure and Barring Service (DBS) (or equivalent for persons outside of England and Wales). This requirement will apply to those making an application for…
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