PIMFA
FINANCIAL CRIME
Financial Crime is broadly any criminal conduct relating to money or financial services, including, for example, fraud, money laundering, the misuse of information (such as insider trading), bribery and corruption, handling the proceeds of crime, financing terrorism, or cybercrime. According to the Office of National Statistics, there were c.4.2 million fraud incidents in England and Wales during the year to March 2025 a 31% rise on the previous year.
The PIMFA Financial Crime Committee facilitates discussion across all significant matters of financial crime, ensuring that member firms are kept fully informed and compliant with legislative and regulatory developments and are provided with the latest intelligence, approaches and tools to combat financial crime effectively.
The guide in collaboration with Avyse offers practical, risk-based examples and recommendations tailored to the specific structures, client profiles, and transaction patterns typically found in the investment and wealth management sector
latest news
Home Office – Call for Evidence on Economic Crime Information Sharing: PIMFA response
PIMFA has submitted a response to the Home Office Call for Evidence on Economic Crime Information Sharing.
Whilst noting that effective, timely and legally certain information sharing is central to the sector’s ability to manage risk and protect clients, the response also highlights legal, operational and structural barriers that limit the full potential of both private–private and private–public information sharing.
FCA Speech: Working Together against Financial Crime
In a speech delivered at the FCA’s financial crime conference, FCA Chief Executive Nikhil Rathi highlighted the increasingly organised, technology‑enabled and interconnected nature of financial crime and described it as a growing threat to economic stability and trust in the financial system. He stressed that tackling financial crime requires a system‑wide response, including stronger information sharing, smarter use of data and technology, and deeper collaboration between firms, regulators, government and law enforcement.
The speech also emphasised the need for prioritisation, recognising that the scale and speed of financial crime mean resources must be focused on the areas of greatest risk.
Read the speech here
Home Office – Call for Evidence on Economic Crime Information Sharing: PIMFA response
PIMFA has submitted a response to the Home Office Call for Evidence on Economic Crime Information Sharing.
Whilst noting that effective, timely and legally certain information sharing is central to the sector’s ability to manage risk and protect clients, the response also highlights legal, operational and structural barriers that limit the full potential of both private–private and private–public information sharing.
Read the full response here
From Tick Box to Decision Tool – Rethinking Financial Crime Risk Assessments
Read this article from the PIMFA Journal #33 by Priya Giuliani at HKA about Rethinking Financial Crime Risk Assessments
FCA Cyber Resilience Insights
The FCA has published a set of cyber resilience insights based on discussions held in 2025 with around 140 firms through its Cyber Coordination Group. The insights draw on firms’ real world experience and cover incident response, AI related and quantum cybersecurity risks, as well as insider threat management.
Rather than introducing new regulatory expectations, the publication is intended to support peer learning and practical benchmarking, highlighting both areas of good practice and where common weaknesses continue to arise.
Firms are encouraged to use the insights to challenge and strengthen their own cyber resilience approaches.
HM Government: Crime and Policing Act 2026 – Criminal Liability
Following the changes made by the Economic Crime and Corporate Transparency Act 2023 which applied senior manager liability to specific economic crime offences, the Crime and Policing Act 2026 replaces and broadens those changes: firms will be criminally liable where a senior manager commits any criminal offence in the UK while acting within the authority of the firm.