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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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Bank of England, FCA, PRA and PSR conduct 2023 review of Memorandum of Understanding for payment systems in the UK
The Authorities have identified areas for future co-operation and co-ordination, including revisions to the MoU regarding proposed stablecoin regulation, embedding the reforms from the Financial Services and Markets Act 2023 (FSMA 2023), as well as further enhancing the sharing of information and data. These will be undertaken during 2024 and beyond…
HMRC issues list of businesses that failed to comply with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
Refers to civil breaches of the regulations and not to criminal offences and covers the period 1 April to 30 September 2023.
NCA publishes UKFIU SARs Annual Statistical report for 2022-23, highlighting a 38.9% increase in the volume of cases and a 46.6% increase in the value of assets denied, between £0 and £500k
*In the last two years the sum total of funds denied from DAML requests is £578.4m, higher than the total denied in the previous six years at £499m. 2021 – 2022 benefitted from seven cases of asset denial between £10m and £50m, contributing to a very high overall asset denied figure…
FCA secures £1.6m for investors from alleged unlawful investment fraud schemes
The FCA alleged that AWL unlawfully took approximately £2.8m as deposits under loan agreements and/or as part of an unauthorised collective investment scheme arranged investments in EMB Fund Limited (EMB) totalling about US$9m which breached the restrictions on financial promotion…
BoE and FCA consult on proposed approach to implementing and operating the Digital Securities Sandbox, an initiative run by the regulators intended to help facilitate the adoption of innovative technology
This initiative run by the regulators is intended to help facilitate the adoption of innovative technology in digital assets in the UK. The consultation is relevant to firms intending to apply to enter the DSS and be approved as a sandbox entrant, as well as firms wishing to engage with a sandbox entrant…
OFSI publishes survey on threats to financial sanctions compliance
OFSI released a survey to gather industry perspectives and invite users to contribute to efforts in strengthening financial sanctions compliance. The survey takes approximately 10 minutes to complete and is open until April 12, 2024, at 5pm.
Norton Rose Fullbright releases podcast on Risk and Resilience: A guide to transaction risk/fraud in banking
The podcast focuses on removing risk in the banking sector, on fraud and specifically on key recent developments that banks and other financial sector firms should have on their radar as part of their risk management in this area…
City of London Police and NECC arrest over 400 people and seize £19m in a crackdown on fraud
High value seizures included an £80,000 Porsche by Lancashire Police, a £70,000 BMW by the North West Regional Organised Crime Unit, and a £15,000 Rolex watch, alongside $33,200(USD), £15,75…
UK Govt publishes Policy Paper on its Counter Fraud Functional Strategy 2024-2027
Driven by five strategic objectives, the Counter Fraud strategy aims to enhance the UK’s position as a global leader in combating public sector fraud, focusing on innovation, ethical practices, and collaboration include Developing our people – enhancing the Counter Fraud Profession with a focus on skills development, recruitment…
UK Govt publishes Guidance on the ‘Introduction to AI Guide with a focus on Counter Fraud’
Generative AI (GenAI) uses data and files online to create results that appear authentic to the audience, and these can include those created in the form of “language models”. Language models are based on vast amounts of data, and they learn from these to generate outputs…
Specialist CPS team involved in UK’s largest Bitcoin wallets seizure, with an initial estimated value in excess of £2 billion
A Metropolitan Police investigation resulted in the CPS seizure of Bitcoin wallets from Wen, with an initial estimated value in excess of £2 billion. Prosecutors told the court the sheer scale of the seized Bitcoin, the lack of any legitimate evidence for how it was acquired and its connection to a massive investment fraud in China, all indicated that it was criminal property…
HM Treasury proposes expanding its money laundering regulations to capture a broader range of digital asset activities, including non-fungible token (NFT) issuance
The new rules will require businesses dealing with NFTs to conduct customer due diligence and report suspicious activities to the authorities. The move aims to bring NFTs under the same AML regulations as other digital assets like cryptocurrencies. This decision comes as NFTs have gained popularity and value in recent years, leading to concerns about their potential use in illicit activities…