Regulatory Alerts2022-04-14
FSCA Sector Risk Assessment for CIS, Financial Advisory and Intermediary Services Sectors (2018–2020)
The Financial Sector Conduct Authority issued this sector risk assessment to evaluate money laundering, terrorist financing, and proliferation financing risks for Collective Investment Scheme Managers and Financial Advisory and Intermediary Services Providers between April 2018 and December 2020. The assessment rates the overall sector risk as MEDIUM, driven by inherent vulnerabilities such as offshore exposure, legal person clients, and cash usage, despite a low criminal threat environment. Accordingly, the regulator requires these institutions to refine their compliance controls, conduct entity-level risk assessments, and implement targeted mitigation strategies to address identified risks.
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