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Law firm Clyde & Co fined $635K for breaching UK money laundering rules

Global law firm Clyde & Co was fined 500,000 pounds ($635,613) for multiple breaches of money laundering regulations relating to a long-standing client. The firm admitted it failed to conduct adequate due diligence on a shipping industry client…

UK Govt changes treatment of Politically Exposed Persons under the Money Laundering Regulations

Regulated firms are now required to treat domestic PEPs, their family members, or known close associates as inherently lower risk than non-domestic PEPs, They have to apply a lower level of enhanced due diligence unless other risk factors are present…

UK Govt announces new Office of Trade Sanctions Implementation (OTSI)

OTSI is a strategic move by the UK Govt to tighten the screws on companies evading Russian sanctions, further strengthening the UK’s sanctions system. OTSI is set to launch in early 2024 and will sit alongside the OFSI…

Home Office announces new strategy to tackle the domestic and international threat of serious and organised crime

The new strategy builds on the work already underway by government and law enforcement and sets out further action to eradicate complex criminal networks, including through the NCA..

OFSI and the FCA have entered into an information sharing agreement

A new agreement has been established between OFSI and the FCA to share information related to potential weaknesses in regulated companies’ systems and controls. This collaboration aims to prevent sanctions breaches and enhance the enforcement of those sanctions.

HMT publishes the Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No.2) Regulations 2023

The changes reflected in the updated list include: Albania, Cayman Islands, Jordan and Panama are no longer classed as high-risk third countries for the purposes of enhanced customer due diligence requirements in regulation 33(1) of the MLRs…

NCA issues latest SARs in Action

Includes evidence from Constable Day of Cheshire Police who has achieved his personal target of recovering £1 million for the victims of fraud during 2023 with the help of SAR intelligence.

A new UK government plan is in place to combat serious and organised crime at home and abroad

The new strategy includes increased funding for the NCA in 2023/24, to enable local forces to address organised crimes within their communities and emphasises international efforts to prevent exploitation, including combating modern slavery…

FCA consults on access to cash in an increasingly digitalised world

Proposals would require designated firms, acting alone or via a designated coordination body, to establish a cash access request process, allowing local communities to ask for significant gaps in local cash provision to be addressed.

UK National Audit Office makes several recommendations to the UK’s FCA on how to improve its oversight

As this report is focused on how the FCA is responding to changes in the market and to its remit, it does not seek to establish the overall effectiveness of the FCA’s business-as-usual work, nor does it review how the FCA has managed individual regulatory decisions or cases…

The UK Law Society publishes guide for solicitors and firms on the UK economic crime regime

The 2023 amendment to money laundering regulations mandates reduced enhanced due diligence for domestic politically exposed persons (PEPs) compared to foreign PEPs, aligning with the Financial Services and Markets Act 2023.

The Gambling Commission publishes their latest ML and TF risk assessment which upgrades the risk level from low to medium

The report provides useful guidance to operators including outlining which gambling areas are considered high risk e.g. remote casino, betting and bingo…