Navigating SMF17 Responsibilities Beyond SMCR: A Guide to Effective Financial Crime Compliance Leadership

Introduction

FCA attention remains firmly focused on reducing and preventing financial crime, and on accountability of individuals.

Financial crime infringements face the most severe penalties. For the 2024/25 enforcement year, the FCA reports over 57% of all enforcement action related to financial crime, but over 86% of all criminal enforcement action. During that period, the FCA had 130 open enforcement operations (in respect of 259 individuals and 122 firms). Individual prohibitions more than doubled from the previous year, with the highest fines against individuals for failure to notify.

It remains critically important for Money Laundering Reporting Officers (SMF17) to understand their personal responsibilities and how to discharge these responsibilities through an effective financial crime compliance framework.

This new virtual classroom seminar is a practical guide to navigating the complexities of the UK's Senior Managers and Certification Regime (SMCR) making it essential for SMF17 Money Laundering Reporting Officers and those aspiring to the role.

By attending this session, you will gain actionable insights into how to effectively manage financial crime compliance oversight, mitigate risks, and embed accountability within your organisation.

This session will provide practical advice, tips, and solutions to common problem areas, empowering delegates to improve their daily practices and address common challenges with improved confidence.

What you will learn

This live and interactive course will cover the following:

• Understanding Your SMF17 Mandate
• Quick recap: What SMCR expects from the SMF17
• Defining your Statement of Responsibilities (SoR): Practical tips for clarity and managing scope
• Proactive mapping of prescribed responsibilities to your daily activities
• Documenting ‘reasonable steps’: creating an effective audit trail for your decisions and actions
• Ensuring you have the necessary level of authority and independence
• Embedding Effective Policy and Control Frameworks
• Designing proportionate and risk-based policies and monitoring plans
• Implementing effective controls and validating their ongoing effectiveness
• Understanding the relevance of other regulatory principles (such as consumer duty) to financial crime policies and procedures
• Managing relationships with key stakeholders
• Effective communication with C-suite and Audit and Risk Committees
• Fostering a healthy compliance culture
• Strategic Regulatory Interactions
• What to expect and how to get the best from supervisory engagements
• Demonstrating a mature understanding of financial crime risk management
• Evidencing continuous improvement and adaptability to regulatory changes

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.