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FCA flags surge in suspicious transactions
The Financial Conduct Authority has flagged a 24.31 per cent year on year increase in the number of suspicious transaction reports it received.
According to figures released by the regulator, the number of reports have jumped from 1308 to 1626 within 12 months and is the highest volume witnessed since 2007.
A suspicious transaction is defined as business holding reasonable grounds to suspect it may constitute market abuse. Credit and investment firms are required to report all suspicious transactions without delay to the FCA. The individuals and the firms involved in the transaction must also be identified.
Examples of these transactions include distortion, manipulation, false or misleading information and misused information.
Figures show 13 reports of transactions thought to be false or misleading in some way. Transactions suspected of distortion or manipulation grew by 17.4 per cent to 162 cases. 110 cases were suspected of containing the misused information.
The total number of suspicious transaction reports over the past two years have risen by 608 cases, with only 1,018 reports received in 2012.
A suspicious transaction can be reported to the FCA via the Market Abuse Inbox or sent to the Market Conduct Team.
The FCA reminds the industry that: “Firms should ensure that staff responsible for managing financial crime risks have access to adequate training to identify potentially suspicious transactions.”
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