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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
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UK’s Economic Crime Plan 2: Progress Report shows SARs drove £230.4M to asset denials in 2023, ML prosecutions rose 36 % (6,845) and convictions 7 % in 2024, while illicit finance disruptions grew 3 % to 2,050
UK’s latest Economic Crime Plan 2: outcomes progress report indicates a rise in SARs’ contribution to asset denials (to £230.4 million in the financial year ending 2023) and law enforcement disruptions for fraud, although overall conviction figures for money laundering remain mixed and total asset recovery fell by 29% in the same period. The update highlights increased fraud offences, with 4.16 million cases estimated in the year ending March 2025, a 31% increase…
UK’s new ‘Failure to Prevent Fraud’ offence takes effect 1 Sept 2025 – making organisations liable if an employee, agent, subsidiary, or other third party commits fraud for their benefit
This legislation holds large organisations criminally liable if employees, agents, subsidiaries, or other associated persons commit fraud intending to benefit the organisation. Examples include dishonest sales practices, withholding critical information from consumers or investors, and misconduct in financial markets. Organisations must now demonstrate they had reasonable fraud prevention…
FCA reports nearly 5,000 scam cases impersonating as the regulator in the first half of 2025, with 480 victims defrauded through crypto, loan, romance, and “pig butchering” schemes
Scammers, often targeting people over 56, use tactics such as fake crypto wallet recoveries, loan scam follow-ups, County Court Judgement threats, and “pig butchering” romance-investment schemes to steal funds or sensitive banking information. The FCA reminds the public it will never request money or account details and urges vigilance…
NCA UKFIU’s SARs in Action (Aug 2025) sheds light on how Organised Immigration Crime exploits hawala networks, offering valuable typologies to spot illicit transactions
UK authorities are intensifying efforts against Organised Immigration Crime (OIC), which exploits informal value transfer systems and sophisticated smuggling networks across Europe. Between 2019 and 2024, UKFIU recorded over 15,000 OIC-related SARs, with banks and money service businesses reporting the majority. NCA’s Op SHEETFUL exposed a UK-based OCG linked to the Kurdish Region of Iraq…
Companies House confirms mandatory ID verification for company directors and PSCs from 18 Nov 2025 – aiming to tighten corporate transparency and crack down on fraud
The rollout, phased over 12 months, will affect an estimated 6–7 million individuals, with new directors required to verify their identity upon appointment and existing directors and PSCs completing verification in line with their next confirmation statement or appointed-day requirements. Verification can be completed quickly online via GOV.UK One Login or through…
FCA’s Cyber Coordination Group publishes insights highlighting how legacy systems, third-party dependencies, and emerging AI vulnerabilities continue to pose significant cyber risks to firms
The report, drawing on insights from 139 participating firms, highlights systemic challenges in reconnection protocols and third-party incident management, underscores the value of threat-led penetration testing and coordinated responses, and flags emergent exposures tied to AI and quantum technologies FCA. These findings signal how such weaknesses—especially in digital infrastructure and supplier ecosystems…
RUSI warns UK money mule activity threatens national security, with a 23% rise in 2024, 227K accounts closed by the FCA, and fraud via social media now driving 45% of all crime
Fintechs and Banking-as-a-Service platforms were identified as especially vulnerable, with BaaS providers accounting for 10% of tracked transfers. Despite these risks, fraud database filings fell 17%, reflecting reporting changes, even as regulators and banks intensify collaboration with tech firms and law enforcement to disrupt this fast-moving threat…
UK-French Joint Intelligence Cell disrupts 52 organised smuggling gangs and secure 300+ arrests since 2020, targeting networks behind small boat crossings
UK officers alongside French counterparts in the Joint Intelligence Cell (JIC/URO), the unit has facilitated rapid intelligence sharing, leading to the dismantling of at least 52 organised immigration crime gangs and the arrest of more than 300 suspected facilitators since its inception in 2020. Beyond targeting individuals, the unit focuses on the operational and financial infrastructure of smuggling networks, intercepting boats…
FCA secures conviction against an individual for running a Ponzi scheme that defrauded 238 investors of over £1.3M through the Imperial Investment Fund
Pugh lured investors with promises of unrealistically high returns—ranging from 1.4% daily to 350% annually—primarily using Facebook advertisements. Investigation revealed he used funds from new investors to pay returns to earlier investors, a classic Ponzi tactic. The FCA is now pursuing confiscation proceedings to recover the stolen funds, underscoring the growing use of social media by fraudsters…
FCA’s PS25/12 strengthens safeguarding rules for payments and e-money firms, enhancing consumer protection with stronger compliance, record-keeping, and a trust-based fund regime – effective 7 May 26
The policy introduces a two-stage approach: Supplementary Regime (Interim Rules): Effective from May 7, 2026, this stage enhances compliance with existing safeguarding requirements, improves record-keeping, and strengthens reporting and monitoring to identify shortfalls in client funds. Post-Repeal Regime (End-State Rules): Subject to legislative changes, this regime will replace the current…
FCA’s transaction governance review urges wholesale banks to implement robust frameworks, safeguard inside information, and strengthen risk management to mitigate potential FC
The FCA found that while some banks operate with strong risk frameworks—ensuring clear risk appetite, documentation, and condition tracking—others exhibited gaps in managing reputational risk and lacked adequate record-keeping of early-stage transaction deliberations, heightening opportunities for undetected or risky activity FCA. Additionally, lapses such as decisions taken without quorate committees…
Lancashire Police reinvests £500K from a landmark Bitcoin forfeiture – using the UK’s first crypto wallet freezing order to fund local crime prevention and victim compensation
Lancashire Police have secured £500,000 following the forfeiture of Bitcoin linked to a 2017 fraud case, marking the UK’s first use of a crypto wallet freezing order under the Proceeds of Crime Act. The recovered funds will compensate the victim and support local crime prevention initiatives through the Prevention and Problem-Solving Innovation Fund.