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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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HM Treasury released its annual AML/CTF Supervision Report for the period April 2022-2023, offering a timely insight into the activities of the UK’s 25 AML supervisors
These include: Total fines across 25 regulators decreased from £504 million in 2021-22 to £197 million in 2022-23, mainly due to fewer large fines by the FCA, FCA and the Gambling Commission imposing higher fines compared to HMRC and PBSs, FCA’s perspective that retail banking (including payments), wholesale banking, wealth management and crypto-asset firms pose the greatest risk of being exploited for ML…
NCA unmasks LockBit cyber-crime gang leader by infiltrating the group’s network, taking control of its services, including its leak site on the dark web
LockBit were one of the most prolific ransomware groups in recent years, responsible for attacks on over 200 UK businesses and major public service providers. UK and Allies crack down on malicious cyber-criminal activity emanating from Russia that seeks to undermine global integrity, prosperity and security…
House of Commons publishes research briefing on company registration in the UK
The UK Government is reforming Companies House and the company registration regime in the UK. This briefing looks at the company regime and the ongoing reforms.
FinScan launches a webinar on ‘Staying on Top of the Sanctioned Securities Challenge’
In this webinar our panel of experts navigates the tumultuous terrain of geopolitical developments and the technological capabilities required to support…
ICIJ reveals that UK freezes London property linked to Putin Ally
Reports showed the ongoing connection between Komarov and the townhouse on Herbert Crescent — a prime location in central London — which was purchased for more than $16.5 million in 2007 through a British Virgin Islands-based shell company he previously controlled. There was nothing illegal about the transaction as Komarov, who serves on Russia’s Security Council, was not sanctioned by the United Kingdom until 2022…
Govt of Jersey publishes consultation paper on “Access to information on Jersey’s Central Register of Companies and legal persons”
Seeks views on draft legislation which will enable access to Jersey’s central register of beneficial ownership and control for obliged entities.
Ankura delves into the Financial Crime Risk Assessment: The Foundations for an effective financial crime program
The key steps include: Identifying and Categorising Risks, involves outlining the types of financial crimes that could impact the organization, considering factors like industry sector, customer profiles, and transaction types, inherent Risk Evaluation and Scoring: Organisations assess the likelihood and potential impact of identified risks, often using scoring systems to prioritise areas of concern…
LexisNexis: The cost of Catfishing – How romance fraud is becoming a major financial crime and what is being done to fight it
The head of economic crime and the national trade association for banks and financial institutions is becoming a serious concern now a days. Also known as catfishing, this type of fraud, where swindlers form relationships with members of the public for their personal gain, doesn’t just have a financial cost. Some victims have lost friends and even relationships with family members most tragically, some have taken their own lives.
RUSI issues paper on Combating Kleptocracy: Lessons from the Response to Russia’s War in Ukraine
This paper explores the state of efforts to combat modern kleptocracy before February 2022 and assesses how the Kremlin’s war has catalysed a range of responses from Western allies. The increased focus on countering kleptocracy following the full-scale Russian invasion of Ukraine in February 2022 has involved the deployment of dedicated sanctions programmes against Russia by Ukraine’s allies. These programmes have triggered a dramatic increase in the rate of designations of individuals…
The Gambling Commission announces new rules to boost safety and consumer choice consistent with the Govt’s White Paper on High stakes: gambling reform for the digital age
The changes, consistent with the Government’s White Paper which includes reducing intensity of online games, improving consumer choice over receiving gambling marketing, light-touch financial vulnerability checks and tightening processes to support age verification checks in premises. They also include a careful approach to implementation with the changes to be implemented in four stages: August 2024, November 2024, January 2025 and February 2025…
FCA consults on proposed changes to the Financial Crime Guide in relation to sanctions, proliferation financing and transaction monitoring
FCG provides practical assistance and information for firms of all sizes and across all FCA-supervised sectors on actions they can take to counter the risk that they might be used to further financial crime. Its contents are drawn primarily from FCA and FSA thematic reviews, with some additional material included to reflect other aspects of our financial crime remit…
FCA publishes report on its approach on AI following the Govt’s publication of its pro-innovation strategy
The FCA want to promote the safe and responsible use of AI in UK financial markets and leverage AI in a way that drives beneficial innovation. The FCA sees beneficial innovation as a vital component of effective competition. When competition works well, consumers benefit from lower costs and prices, higher service standards and quality, and increased access to financial service…