What is PS24/17?

On 29 November 2024, the UK FCA released Policy Statement PS24/17, reshaping its Financial Crime Guide. The new approach insists fintechs balance financial inclusion with effective AML and CTF controls. No more blanket de-risking or black-box AI – firms must adopt proportionate, explainable, and well-governed systems. Thin-file and underserved customers cannot be excluded by default. Instead, transaction monitoring, screening, and AI/ML deployment must be risk-sensitive, transparent, and auditable. For UK fintechs, this marks a decisive cultural and operational shift: compliance is no longer just about preventing crime, it’s about enabling access responsibly.