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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
National Crime Agency updates
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FCA calls on firms to improve treatment of politically exposed persons (PEPs)
FCA multi-firm review which sets out our findings on how effectively firms are following our current Guidance on the treatment of politically exposed persons (PEPs) for anti money-laundering purposes.
FCA sets out the final rules and guidance necessary to implement the Overseas Funds Regime
The gateway for eligible funds to apply for recognition under the OFR is scheduled to open later this year: in September for new schemes and starting from October for funds currently in the temporary marketing permissions regime (TMPR).
FCA Joint Executive Director of Enforcement and Market Oversight, Steve Smart delivers speech on “Teamwork: A Smart Way to Tackle Financial Crime” at the Financial Services Investigations and Enforcement Summit
Our goal as part of our commitment to reduce and prevent financial crime, is to fight the growth in APP (or Authorised Push Payment) fraud and investment fraud as well as to help tackle money laundering. And we are jointly, alongside partner agencies (including the Payments Systems Regulator), making an impact.
UK calls out Russia’s systematic effort to eradicate Ukrainian identity: UK statement to the OSCE
Acting Ambassador Brown condemns Russia’s attempts to eradicate Ukrainian identity. As part of a systematic effort of repression, Russia has expanded its forced passportisation, deported thousands of Ukrainian children and murdered civilians for being openly pro-Ukrainian…
SRA consults on proposals to update its approach to issuing financial penalties to law firms and solicitors
The proposed changes take account of both the Economic Crime and Corporate Transparency Act granting the regulator unlimited fining powers in cases of economic crime, and learnings since our current approach to levying fines was introduced in 2023. The consultation period ends on 20 September 2024
Chartered Institute of Taxation responds to UK HMT consultation on improving the effectiveness of AML regulations
Recommends improvements to the proposals that would see money laundering regulations being more explicit about ‘who’ within a firm would be subject to regulatory scrutiny. The CIO also urges that new regulations allow for HMRC to consider professional body exclusion, or AML misconduct, as a relevant factor to refuse supervision.
FCA delivers speech at the Financial Services Investigations and Enforcement Summit
Speech focuses on the need for collaboration and teamwork in the fight against financial crime – delivered by Steve Smart, joint executive director of enforcement and market oversight.
FCA issues an update on its review of the treatment of domestic Politically Exposed Persons (PEPs) by financial services firms
The FCA explains that it had been on track to publish the findings from this review (which was launched in September 2023) in line with the end of June deadline set in the Financial Services and Markets Act 2023. However, it does not consider it appropriate to publish the review during the pre-election period…
OFSI updates Guidance on Maritime services ban and oil price cap
This guidance outlines obligations under the UK Maritime Services Ban and Oil Price Cap exception, as well as OFSI’s approach to implementation and enforcement. This should be considered supplementary to, and not a replacement for, OFSI’s general guidance. Further sources of information that may prove helpful can be found at the end of this guidance.
FCA assists the Met Police in the arrest of two individuals suspected of running an illegal cryptoasset exchange
More than £1 billion of unregistered cryptoassets are believed to have been bought and sold through this business.
FCA drops criminal investigation into Monzo bank over potential breaches of anti-money laundering rules
UK Monzo bank has been informed that a criminal money laundering investigation by the financial regulator has been halted but civil proceedings against it continue…
BBC: Standard Chartered escaped prosecution for ML carried out billions of dollars of transactions for funders of terrorist groups
Standard Chartered was accused of falsifying Swift transaction data to move billions of dollars through its New York branch on behalf of sanctioned entities like the Central Bank of Iran. The bank has admitted to breaching sanctions against Iran and other countries, paying over $1.7bn in fines, but has not admitted to conducting transactions for terrorist organizations…