FCA appointments in India and UAE signal increased regulatory scrutiny

The Financial Conduct Authority (FCA) has strengthened its international presence with new Financial Services Attachés in India and the UAE. The appointments form part of the FCA’s wider international strategy, with the new representatives expected to support cooperation with regulatory counterparts and help advance the UK’s financial services interests in these key markets.

Increased focus on financial crime compliance

Caroline Black, Consultant at Gherson LLP, provided commentary to Finadium on the significance of the appointments:

“The appointment of Financial Services Attachés for India and the UAE by the FCA reflects the increasing importance of Mumbai and Abu Dhabi to the global financial economy. Long regarded as somewhat lagging behind the rest of the world in terms of regulation and compliance, the appointments in these jurisdictions signals a significant move by the UK authorities to progress its wider policy objectives of being a ‘global regulator’ dealing with AML and financial crime compliance.

“Entities operating in these areas can expect to see a push for greater compliance in coming months, and those with funds or assets residing there can expect further scrutiny and cross border cooperation in enforcement.”

What could this mean for businesses?

The FCA’s increased presence in India and the UAE highlights the growing importance of international regulatory cooperation, particularly in relation to anti-money laundering and financial crime compliance.

Businesses operating across these jurisdictions should be prepared for increased regulatory scrutiny and greater cross-border cooperation between authorities. This may make it increasingly important for firms to review their existing compliance frameworks, ensure that appropriate AML and financial crime controls are in place and consider their exposure to regulatory and enforcement risks across multiple jurisdictions.

How Gherson can assist

Gherson’s White-Collar Crime and Regulatory team advises businesses and individuals on complex financial crime, AML, regulatory and cross-border enforcement matters.

If you have concerns about how increased regulatory scrutiny or cross-border enforcement may affect you or your business, please contact us.

Caroline Black’s commentary was first published in the Finadium article, “UK FCA financial service attaché appointments in India and UAE signal increased scrutiny” and has also been featured in The Legal Diary.

• Finadium → “UK FCA financial service attaché appointments in India and UAE signal increased scrutiny”
• The Legal Diary →  “The announcement by the light of the FCA that it will begin appointing attachés in India and UAE”

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