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United Kingdom
This section covers AML/CTF initiatives by FCA, HMT, HMRC, JMLSG and other related UK organisations.
FCA Financial Crime: Guide for firms
HM Treasury Money Laundering Prevention
HMRC Money Laundering Regulations
JMLSG industry Guidance
FATCA UK Regulations 2013
FATCA UK Regulations Guidance 2013
Gambling Commission Money Laundering
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FCA issues ‘Handbook Notice 140’, introducing key updates including a simplified short selling regime, wider reforms to SMCR, listing rules, fees, and compensation schemes to streamline UK regulation
Key changes include the introduction of a standalone UK Short Selling Rules Sourcebook, replacing retained EU provisions with a simpler and more proportionate regime, alongside adjustments to SMCR-related requirements, listing rules, fees, and compensation arrangements. The updates also contain technical and consequential amendments across multiple modules of the Handbook, aimed at improving consistency, removing outdated EU-derived references, and reducing unnecessary complexity…
FCA publishes Cyber Coordination Group insights 2025, highlighting key lessons on strengthening cyber resilience, incident response, managing emerging technology and FC risks
It highlights how firms can better prepare for and respond to cyber threats through more effective incident response and recovery, stronger governance and senior management oversight, improved coordination with third parties, and enhanced testing and scenario planning; it also draws attention to emerging risks such as AI, quantum computing and insider threats, while promoting good practice in identity and access management, threat detection, and operational readiness, with the overall aim of helping firms manage increasingly complex cyber…
FCA spearheaded a global crackdown with 17 regulators on illegal “finfluencers,”targeting unauthorised promotions reaching millions through coordinated enforcement and takedowns
FCA led a global crackdown involving 17 regulators to tackle illegal “finfluencers” promoting unauthorised financial products, combining enforcement actions, account takedowns, and consumer awareness efforts; in the UK, this included securing a guilty plea, launching further criminal proceedings, issuing warnings, and removing over 1,200 illegal financial adverts reaching millions, while calling on social media platforms to take greater responsibility in preventing the spread of harmful financial promotions…
FCA and PRA confirm reforms to streamline the Senior Managers & Certification Regime, reducing compliance burden and boosting flexibility while maintaining strong accountability to support growth
The changes make it easier for firms to comply by increasing flexibility, simplifying processes and reducing administrative costs, forming part of a broader government-led programme to cut regulatory complexity and improve competitiveness. While preserving the core principle of senior-manager accountability, the reforms include measures such as streamlined approval processes, clearer role definitions and potential future reductions in the number of roles requiring regulatory pre-approval, with further simplification planned in subsequent phases.
HMT confirms it will proceed with targeted legislative reforms to the SM&CR following consultation, aiming to simplify requirements while preserving core accountability
The response indicates broad support for reform and confirms plans to introduce more proportionate and flexible requirements, including simplifying responsibilities, reducing duplication and enabling regulators to streamline approval and reporting processes. It also signals that legislation will be brought forward to implement these changes, with further detail to follow in secondary legislation and regulator rulemaking, forming part of a wider programme to reduce administrative burden and support competitiveness in the UK financial sector.
FCA leads its first crackdown on illegal peer-to-peer crypto trading, targeting unregistered operators across London in a coordinated effort to disrupt activity linked to ML and wider FC risks
The action underscores the FCA’s growing focus on unregistered crypto activity as a significant financial crime risk—particularly as peer-to-peer trading can enable money laundering by bypassing regulated exchanges—and reinforces its broader enforcement strategy, which includes prior actions against illegal crypto ATMs and exchanges, while warning consumers to use only FCA-registered firms and highlighting continued collaboration with domestic and international partners to combat illicit finance…
The Isle of Man’s 2025 Terrorist Financing Assessment shows a medium-low risk, primarily from cross-border activity, with robust AML/CFT controls effectively containing exposure
The assessment analyses how terrorist financing risks arise from both domestic and international factors, including the Island’s role as an international financial centre and the potential misuse of legal entities, financial services, and cross-border flows. Findings support prioritisation of resources, improved data and intelligence sharing, and enhanced controls across higher-risk sectors to strengthen the effectiveness of the AML/CFT regime…
PRA’s Business Plan 2026/27 sets out a risk-based agenda to strengthen resilience, enhance oversight of emerging risks, and reinforce data-driven supervision and FC controls while supporting growth
It also strengthens expectations around operational resilience, including enhanced reporting of incidents and third-party dependencies, while advancing work on AI, cryptoassets, and data-driven supervision through streamlined reporting and improved analytics, alongside reforms to accountability frameworks such as the Senior Managers & Certification Regime, ultimately reinforcing the need for firms to maintain strong financial crime controls, high-quality data, and proportionate risk management as regulation evolves to support growth and innovation…
FCA consults on Crypto perimeter guidance to clarify regulatory scope ahead of the Sept 2026 authorisation regime, strengthening oversight and FC controls – feedback until 3 June 2026
The Financial Conduct Authority is consulting on its proposed perimeter guidance for the UK’s future crypto regime to clarify when authorisation will be required for key regulated activities—such as stablecoin issuance, custody, trading platforms, dealing, arranging deals and staking—ahead of firms being able to apply for authorisation from September 2026; the consultation, open until 3 June 2026, supports preparations for the wider regulatory framework aimed at strengthening oversight, market integrity and financial crime controls…
FCA flags weaknesses in firms’ CDD and enhanced checks, including poor documentation, weak governance and inconsistent monitoring, raising concerns over exposure to ML and FC risks
FCA finds that while many firms apply a risk-based approach and tailor checks for higher-risk customers such as PEPs, there are widespread weaknesses in practice, including insufficiently detailed policies, poor documentation of EDD measures, unclear review cycles, and inconsistent record-keeping of key customer information such as source of funds and purpose of relationships. The FCA also highlights gaps in governance, including unclear senior management sign-off processes…
NCA’s UKFIU SARs Reporter Booklet (Mar 26) reveals large-scale fraud and ML schemes, including £2.4M VAT frauds, £600k+ asset freezes, and complex organised crime networks
It shows how SARs are instrumental in uncovering large-scale illicit finance schemes, including charity-linked diversion fraud exceeding £300,000, VAT frauds over £2.4 million, payroll fraud and shell company abuse involving £4 million+ turnover, and underground banking networks linked to organised crime groups. The cases also demonstrate widespread use of layering techniques, mule accounts, false invoicing, and rapid fund transfers to disguise criminal proceeds…
FCA publishes good and poor practice on improving asset management authorisation applications, warning that weak governance and FC controls often delay approvals
It finds that many applications lack sufficient detail, consistency, and clarity on governance structures, business models, and financial crime controls, particularly around AML frameworks, risk assessments, and compliance oversight arrangements. The FCA also notes that firms often submit incomplete documentation or fail to clearly demonstrate how their systems and controls will operate in practice…