Reference Case Number: FOI8528
Freedom of Information: Right to know request:
1. How many companies are registered with the FCA as their supervisor for AML
2. How many investigations do FCA have open currently for breaches of AML
3. How many of those investigations are criminal investigations
4. Do the FCA have an allocated budget for the work they do as an AML supervisor – if so what is it?
5. How many employees does the FCA have dedicated to work as part of its AML supervisory role
FCA response:
1. How many companies are registered with the FCA as their supervisor for AML?
The FCA supervises approximately 22,000 firms under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) and includes both Annex 1 and Cryptoasset firms. Please see paragraph 1.3 in the FCA document, ‘Extension of Annual Financial Crime Reporting Obligation’[1].
2. How many investigations do FCA have open currently for breaches of AML?
The FCA currently has 45 investigations for potential breaches of AML
3. How many of those investigations are criminal investigations?
The FCA is currently investigating 9 investigations that has a criminal element.
4. Do the FCA have an allocated budget for the work they do as an AML supervisor – if so what is it?
We can confirm that we do not hold ready information on this. This is because the AML work is undertaken across several areas within the FCA.
5. How many employees does the FCA have dedicated to work as part of its AML supervisory role?
There is an equivalent of 52 employees dedicated to AML/CTF supervision in the FCA, supported by sector supervisors who are also responsible for assessing FCA supervised firms’ overall AML/CTF compliance, as part of their broader supervisory functions and undertake less complex AML/CTF work. Additional detail can be found in HM Treasury’s ‘Anti-money laundering and counter-terrorist financing: Supervision report 2018-19’[2].