Tackling financial and economic crime: one of the two pillars of our supervision

We supervise financial institutions to safeguard financial stability and confidence in the financial sector.  There are two pillars to our approach: prudential supervision and integrity supervision. Prudential supervision focuses on ensuring the soundness of financial enterprises and a stable financial system.  Integrity supervision involves tackling financial and economic crime to maintain a clean and ethical financial sector.

The law calls on financial institutions to take responsibility for detecting financial and economic crime, and to manage other integrity risks. In particular, institutions must ensure that criminals are prevented from laundering the proceeds of their crimes, that terrorists and sanctioned entities are unable to obtain the financial resources to sustain their activities and launch attacks, and that individuals are unable to profit from corrupt practices.  For more information about tackling financial and economic crime, see our fact sheet and Guidance on the Anti-Money Laundering and Anti-Terrorist Financing Act and Counter-Terrorist Financing Act and the Sanctions Act. Another keystone of integrity supervision is ensuring compliance with the Sanctions Act 1977. Visit the sanctions legislation page on our Open Book on Supervision for more information on regulations, grounds for dispensation, reporting incidents, questions and the notification form.

Integrity supervision by sector

Links to Open Book page on integrity supervision for each sector:

National and international cooperation

We cooperate with various national partners. An important platform for cooperation is the Financial Expertise Centre (FEC), which facilitates information sharing and project collaboration. Internationally, the Financial Action Task Force (FATF), the Anti-money Laundering Committee (AMLC) and the Financial Crime Task Force (FCTF) play a major role in dealing with financial and economic crime.
 
The FATF has developed 40 guidelines explaining how to combat money laundering and terrorist financing. These guidelines are not only intended for  intelligence and supervisory authorities, but also for financial and non-financial institutions.  For further information, see our Open Book pages on the FCTF, the FATF's warning lists and the AMLC: