FCA chief executive Nikhil Rathi has warned that financial crime is becoming increasingly organised, technologically advanced and internationally connected, requiring a system-wide response from regulators, firms, Government and law enforcement.
Suffolk Building Society has partnered with ThirdEye to enhance its financial crime prevention capabilities, joining a growing group of UK building societies using the platform.
Therese Chambers said: “Building societies and banks have a key role in the fight against financial crime. Firms must remain vigilant in this fight.”
The rebrand introduces a new visual identity and updated messaging framework, with unified naming across all markets to strengthen brand consistency.
The service was set up to give people an easy and discreet way to alert the team to loan shark activity or get advice if they have been targeted.
This collaboration sees Principality join over a third of UK building societies using ThirdEye's Software as a Service (SaaS).
The rapid growth of Starling Bank has outpaced its financial crime controls, leading to significant regulatory breaches.
Nearly half of legal professionals, solicitors and conveyancers reported a rise in financial crime attempts in 2023.
The Saltus Wealth Index surveyed 2,000 people with assets of over £250,000 and found that, overall, 41% of respondents have been a victim of financial crime.
Paradigm Mortgage Services, the mortgage services proposition, has announced a new partnership with Unity Financial Crime Services (FCS).
In some instances, challenger banks did not have financial crime risk assessments in place for their customers.
Two former directors of peer-to-peer lender Collateral (UK) are facing criminal charges after the FCA opened a case.