Home

The UK’s Financial Conduct Authority (FCA) has extended its financial crime reporting framework to include cryptocurrency businesses. Per the policy, around 7,000 firms will now have to submit a REP-CRIM return instead of the 2,500 previously. Besides crypto firms, banks, building societies, and other businesses have been brought under the REP-CRIM framework. 

The return consists of information designed to compile data on potential risk areas of financial crime such as: PEPs, high risk jurisdictions & customers, number of SARs filed, sanctions screening systems, & most prevalent frauds.

Cryptocurrency exchange & wallet operators will have to submit an annual financial crime reporting document (REP-CRIM) from
March 30, 2022.

Danos Consulting can support firms as they navigate through some of challenges relating to the REP-CRIM reporting & preparation, including:

• Data readiness, accuracy, & completeness
• Aggregation, analysis, & interpretation of the data
• Identification of any data gaps
• Due diligence of SARs & AML related data
• System reviews for risk assessment, sanctions screening, transaction monitoring & fraud
• Regulator information requirements

Please contact Bradley Handelaar if you would like to discuss
your REP-CRIM preparation & how our expert consulting solutions can ensure you meet the regulators requirements.

Bradley Handelaar (Danos Consulting, Senior Associate) provides an update on the hiring trends within Financial Crime. If you would like to discuss your hiring needs, or role opportunities, please contact:

Bradley Handelaar | Tel: +44 (0) 207 010 1154 | Email:
bhandelaar@danosconsulting.com

Compliance hiring activity accelerated in Q1 2021 across the European markets. Our London recruitment search team have seen an 18% increase in new roles and the EMEA team saw a massive 67% increase compared to the same period last year. All sectors of the Compliance and Financial Crime markets are busy with firms looking to hire at all levels.

2020 was a challenging year for many obvious reasons, but as we previously reported the Compliance and Financial Crime markets remained active both here in London and across EMEA.

The big change we have seen so far in 2021 is that the larger bulge bracket financial services groups are now back in the market looking to hire, predominantly at the AVP/VP levels. Most of the larger firms remained relatively quiet last year, with the exception of a few firms making strategic senior hires. 

Citi, Barclays, Morgan Stanley, SCB, JP Morgan, HSBC, Credit Suisse, and UBS have all been active in the first three months of the year.  Not all have been using agency support, relying on their direct sourcing models and LinkedIn, some having more success than others. It has been recently reported that 63% of hiring managers are worried about how to attract the top talent in a competitive market. Our teams target 100% of the candidate market, we access passive talent and use our extensive networks to recruit the finest expertise for our clients.

Outside of the larger firms we are seeing continued demand across Payments, FinTech, Alternative Asset Management, Private Equity, Brokerage, and Insurance. 

In short, our clients are actively looking to recruit, and we are supporting them, as always, by providing them with the strongest, most diverse candidates to solve their Compliance and Financial Crime needs.

Please do get in touch with Denis Spearman or any of the compliance and financial crime team to discuss your hiring needs or your career and how we can help you find a new role.