FCA reviews firms’ use of the National Fraud Database (NFD) and money mule account detection tools, urging the need for stronger controls

A review of firms’ use of the National Fraud Database (NFD) and detection tools revealed inconsistent reporting and monitoring practices, with some firms failing to report the majority of identified mule cases. The FCA is urging firms to improve data-sharing, enhance real-time checks, and refine detection thresholds to address evolving money laundering risks…