Francesco Fulcoli

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Chief Compliance and Risk Officer

Flagstone

Member since

03 Oct 2023

Location

London

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Francesco's opinions

FCA's Price and Value Outcome Update: Best Practices and Areas for Improvement

The FCA has released a detailed report on the Price and Value Outcome as part of its ongoing Consumer Duty framework. This update provides crucial insights into how firms can ensure they deliver fair value to their customers and highlights examples of both good and poor practices across the financial services sector. Below are some of the most im...

12 mins /regulation /inclusion Fintech

FCA Update on Cash Savings - September 2024: In-Depth Insights

The Financial Conduct Authority (FCA) has provided a detailed update on the cash savings market following its initial review published in July 2023. This latest report, released in September 2024, assesses how banks and building societies are improving customer outcomes, particularly concerning interest rate pass-through, fair value assessments, a...

30 September 2024 /regulation /inclusion Fintech

A Revolutionary Reimbursement Policy to Combat Authorised Push Payment (APP) Scams

The Payment Systems Regulator (PSR) is implementing a groundbreaking reimbursement policy to tackle the growing menace of authorised push payment (APP) scams. This new requirement mandates payment service providers (PSPs) to reimburse victims of APP scams, marking a significant shift in consumer protection and industry responsibility. By embedding...

19 August 2024 /payments /crime Fintech

Embracing Diversity and Inclusion: A Strategic Imperative for Modern Organisations

Diversity and inclusion (D&I) have emerged as critical components of a successful and sustainable business strategy. Organisations that prioritise D&I are not only enhancing their workplace culture but also driving innovation, attracting top talent, and outperforming competitors. Here we deep dive about the importance of D&I, the benef...

17 June 2024 /sustainable /inclusion Fintech

Regulatory Resilience: Fintech's AML Frameworks through Comprehensive Gap Analysis and Methodologies

In a world where innovation meets finance, fintech companies stand at the forefront of revolutionising how we interact with money. However, with great innovation comes great responsibility, especially when it comes to compliance and Anti-Money Laundering (AML) practices. In this dynamic industry, navigating a complex web of regulatory requirements...

23 May 2024 /payments /regulation Fintech

FCA Sounds Alert Over Weak Money Laundering Controls - Dear CEO Letter

Francesco Fulcoli - Chief Compliance Officer The UK's financial regulator has sent a serious warning to financial institutions after identifying widespread failings in how firms are preventing money laundering. In a letter to the chief executives of regulated firms, the Financial Conduct Authority (FCA) outlined common weaknesses it has found th...

06 March 2024 /regulation /crime Fintech

EU Agrees on Stricter Anti-Money Laundering Rules

Francesco Fulcoli - Chief Compliance Officer The Council of the European Union and the European Parliament have reached a provisional agreement on reforms to strengthen the EU's anti-money laundering and counter-terrorism financing framework. The new rules aim to close regulatory loopholes and ensure illicit money from criminal activities and terr...

19 January 2024 /regulation Fintech

HM Treasury Advisory Notice: NEW High Risk Third Countries List!

Francesco Fulcoli - Chief Compliance Officer and MLRO The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 require the UK regulated sector to apply enhanced customer due diligence in relation to high-risk third countries. Regulation 33(1)(b) of the MLRs requires regulated businesses to apply en...

05 December 2023 /payments /regulation Fintech

Empowering Companies House: A New Era for UK Company Law

Francesco Fulcoli - Chief Compliance Officer and MLRO The Economic Crime and Corporate Transparency Bill is now officially a part of UK company law. This momentous occasion marks a significant turning point in the history of Companies House. This legislation provides the necessary tools to play a more significant role in combating economic crime a...

20 November 2023 /payments /regulation Fintech

Combating Money Mule Activity: FCA's Comprehensive Review and Recommendations

Francesco Fulcoli – Chief Compliance Officer The Financial Conduct Authority recently conducted an extensive review of payment account providers' systems and controls against money mule activity, shedding light on both positive practices and areas that require enhancement. Money mules have emerged as a crucial component of fraudulent schemes, ena...

20 October 2023 /payments /crime Fintech

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