The firms reporting the most risk to the FCA report the widest control gaps.
Blog post from Didit
The Financial Conduct Authority (FCA) conducted a survey of 242 asset management and alternatives firms during 2025/26, focusing on their financial crime controls, and published the findings on 22 July 2026. The results highlighted significant gaps in anti-money laundering (AML) practices, particularly within private-markets firms, which reported a higher presence of politically exposed persons (PEPs) and more complex ownership structures compared to non-private-markets firms. Notably, 29% of the surveyed firms lacked a formal transaction monitoring process, and 18% did not have a formal customer risk assessment method. The survey also revealed that 40% of firms outsource customer due diligence checks, but only 36% maintained full oversight of these outsourced processes. More than half of the firms reported that their money laundering reporting officers work part-time or share roles, including at larger firms managing over £10 billion. The FCA's publication did not name firms, set enforcement actions, or penalties, but served as a benchmark for good and poor practices within the industry.
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