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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
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Companies House publishes the ‘Register of People with Significant Control’ guidance, detailing how UK companies must identify and record individuals or entities with substantial ownership or control
Under the PSC regime, firms must identify individuals or legal entities that meet defined “significant control” criteria — for example holding over 25% of shares or voting rights, having the power to appoint/remove a majority of directors, or otherwise exercising significant influence — and submit this data to Companies House. The system now centralises all PSC registers at Companies House …
RUSI’s latest podcast warns that terrorist groups are exploiting online gaming and virtual economies to move funds anonymously, highlighting the need for stronger oversight and collaboration
The episode warns that these platforms largely operate outside regulated financial systems, making detection difficult, and stresses the need for stronger cooperation between gaming companies, regulators, and financial‑crime authorities to address this emerging risk…
FCA releases Handbook Notice 135, updating market rules and UK–Switzerland cross-border requirements while strengthening firms’ financial crime and due diligence obligations
The notice also introduces new guidance for firms providing investment and insurance services into Switzerland and updates technical standards across market-integrity and consumer-protection rules. These changes carry compliance and financial-crime implications, particularly around trade-reporting obligations, cross-border due-diligence expectations, and strengthened governance requirements…
UK Parliament launches inquiry into the Govt’s Financial Inclusion Strategy, urging action beyond ‘box‑ticking’ to ensure vulnerable groups gain real access to financial services while curbing FC risks
The Committee will examine whether existing measures, such as banking hubs, effectively reach those excluded from mainstream finance and will call for a strategic, outcome-driven approach supported by the private sector. From a financial‑crime perspective, meaningful inclusion is crucial: without access to regulated banking, excluded individuals may rely on informal or opaque channels, heightening risks…
FCA outlines a sharper approach to regulating cryptoassets and stablecoins, emphasising that innovation must be backed by strong consumer protection, FC controls, and robust governance
The FCA states that it intends to bring cryptoasset businesses — including stablecoin issuers — within a “proportionate, sustainable” regulatory regime that applies core standards (governance, disclosure, consumer safeguards) similar to those for traditional financial firms. It also launches a stablecoin-specific cohort within its Regulatory Sandbox to allow firms to test innovations under supervision, signalling that firms should begin preparing now for authorisation under the upcoming UK crypto regime…
FCA collaborates with crypto firms in its Regulatory Sandbox to test standardised disclosures, enhancing transparency, protecting investors, and shaping the UK’s crypto rules for 2026
Eunice a RegTech platform has been accepted into the FCA’s Regulatory Sandbox to pilot an “industry‑led disclosure solution” for crypto markets. Eunice will work with major crypto firms (including Coinbase, Kraken and Crypto.com) to test standardised disclosure templates covering tokenised assets, cryptoassets and on‑chain infrastructure — helping ensure investors receive clear, consistent information…
FCA’s Consultation Paper proposes reforms to simplify UK transaction reporting, cut compliance costs by over £100M, and enhance data quality for detecting FC and market abuse – feedback by 20 Feb 26
Under consultation paper CP25/32, the FCA seeks to streamline the UK transaction-reporting regime by narrowing its scope to instruments traded on UK venues, removing mandatory reporting for FX derivatives, and cutting required data fields (reducing transaction-reporting fields from 65 to 52). It also proposes shortening the window for resubmitting corrected reports from five to three years (with a longer period possible for serious failures), and aligns future reforms with a broader plan to integrate reporting across multiple regimes including MiFIR…
NCA exposes a billion-dollar Russian ML network that allegedly bought a Lithuanian bank to funnel war-funding, revealing a sophisticated web of shell firms, corrupt intermediaries and global illicit finance
Through Operation Destabilise, the NCA uncovers a sprawling criminal network operating across at least 28 UK cities that funnels cash from drugs, firearms, and people-smuggling into cryptocurrency, and which uses a bank acquisition in Kyrgyzstan to channel funds to entities supporting Russia’s military-industrial complex. To date, authorities have arrested 128 suspects and seized more than £25 million in cash ….
Companies House launches mandatory ID verification for new directors and PSCs, rolling out over 12 months to crack down on bogus identities and strengthen the fight against fraud, ML, and economic crime
From this date, any new director or PSC must verify their identity before taking up their role, a move designed to ensure the UK’s company registry is accurate and to make it harder for criminals to use fake or stolen identities. Verified individuals receive a unique personal code; directors and PSCs must submit this code when making filings…
JMLSG proposes revisions to its AML/CTF Guidance aimed at tightening rules around internal controls, intra-group outsourcing and due diligence for group entities and intermediaries
The proposed updates would require firms to extend their AML/CFT obligations to intra-group and group company outsourcing arrangements, strengthen the role and authority of the MLRO when material risks arise, and apply risk-based supervision and reporting mechanisms in such contexts. They also clarify how customer-due-diligence (CDD) must be applied when dealing with regulated group companies, court-appointed deputies or intermediaries acting on behalf of clients, and add guidance on handling identity/authority verification and ongoing monitoring.
FCA partners with Singapore’s MAS to accelerate safe, responsible AI innovation – launching joint initiatives to test AI solutions, share regulatory insights, and support cross-border growth
It will establish its first permanent presence in Singapore by appointing a Financial Services Attaché at the British High Commission. The collaboration will involve joint testing of AI solutions, exchange of regulatory insights, and co-hosted events to showcase best-in-class practices in AI development. This step supports economic growth by strengthening cross-border regulatory ties and attracting innovation to both the UK and Singapore financial markets…
NCA’s Operation Machinize 2 targets 2,734 high-street businesses, seizing £10.7M in criminal proceeds, £2.7M in illicit goods, and making 924 arrests disrupting ML and worker exploitation
Over October, it targeted 2,734 premises, resulting in 924 arrests, seizures of £10.7 million in suspected criminal proceeds and £2.7 million in illegal goods, and referrals to authorities for companies and workers operating illegally. The operation aimed to disrupt organised crime, protect workers from exploitation, and safeguard the integrity of legitimate businesses…