The FCA has reportedly given financial services firms a deadline of 15 April to review any possible ties to the law firm at the heart of the Panama Papers data leak.
The FT reports the FCA wrote to around 20 firms earlier this week, giving them until mid-April to complete initial investigations into ties to Mossack Fonseca or companies managed by the firm.
It comes after a huge leak of data files revealed the extent of offshore tax dodging channeled through the company.
The FCA letter says: “Beyond 15 April we will require updates on any significant issues or relationships identified and a full response, detailing your findings, when your investigation is concluded.”
An FCA spokeswoman declined to comment.
However, in a statement issued earlier this week, the regulator said that it had contacted a number of firms about the issue.
“We are working closely with a number of other agencies who are also looking at this,” it added.
“As part of our responsibility to ensure the integrity of the UK financial markets we require all authorised firms to have systems and controls in place to mitigate the risk that they might be used to commit financial crime.”