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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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FMSB publishes for consultation a transparency draft of a standard for client onboarding, and identifies current inefficiencies within the UK’s Reg.
The draft identifies current inefficiencies within the UK’s regulatory requirements and guidance for ‘Know Your Client’ (KYC) due diligence. The shortcomings highlighted include: The guidance rarely specifies precise data points to be populated or parameters for evidence which firms may accept to conduct satisfactory due diligence…
Home Office issues Policy paper in response to Law Commission’s review of the SARs regime
The government acknowledges the need to improve the SARs regime and is committed to implementing changes to enhance efficiency and effectiveness. They are exploring options to simplify and streamline the SARs process while ensuring appropriate information sharing between law enforcement agencies…
NCA discloses information regarding an international operation aimed at disrupting LockBit, recognised as the world’s most harmful cyber crime group
LockBit and its affiliates caused billions of dollars in damage and extracted tens of millions in ransom from their victims. The NCA has taken control of LockBit’s primary administration environment, which enabled affiliates to build and carry out attacks, and the group’s public-facing leak site on the dark web, on which they previously hosted, and threatened to publish, data stolen from victims…
Law Commission consults on its project on private international law in the context of digital assets and electronic trade documents
Commission is seeking help in understanding the most challenging and prevalent issues of private international law that arise from the digital, online, and decentralised contexts in which modern digital assets and electronic trade documents are used. The commission is also launching a short consultation exercise on draft legislation to confirm the existence of a third category of personal property into which crypto-tokens and other assets could fall.
FCA announces the arrest of four individuals on suspicion of insider dealing, conspiracy to insider deal and ML linked to organised crime
On 1 February 2024, the FCA working with the National Crime Agency (NCA) conducted a major operation to arrest 3 London based individuals on suspicion of insider dealing, conspiracy to insider deal and money laundering linked to organised crime.
FCA identifies four areas which can help to bolster efforts to reduce and prevent financial crime
The four areas focus on data and technology, collaboration, consumer awareness, and metrics (measuring efficiency). The FCA has also highlighted the role for other sectors to play, as sharing data and intelligence is central to tackling financial crime. It is continuing to strengthen relationships with jurisdictions where supervisory…
The NCA issues the SARs Reporter Booklet February 2024, summarising law enforcement feedback on the usage of SARs
Multiple reporters submitted a number of DAML SARs to return funds while exiting their relationship with the same business. Concerns
were held regarding multiple accounts held by the business, which frequently received high value payments that were transferred
in and out of the accounts, indicating potential money laundering…
FCA publishes research note reviewing maximal extractable value and blockchain oracles
This research analyses two novel concepts of blockchain technology, Maximal Extractable Value (MEV) and blockchain oracles. As well as expanding the functionality of decentralised financial applications, these features have been identified as introducing risks and potential sources of vulnerability…
Home Office undertakes an economic crime survey detailing whether UK businesses have experienced economic crime and the approaches to tackle it
Survey will question UK businesses to learn more about whether they have experienced economic crime and the approaches they take to tackle it.
UK Govt publishes response to consultation on ‘A pro-innovation approach to AI regulation’
The consultation highlights the importance of ensuring AI’s trustworthiness and public adoption through a strong pro-safety approach in order to realise the benefits of these technologies. The Govt announces over £100m to help realise new AI innovations and support regulators’ technical capabilities…
The CPS prosecutes 2 men for laundering more than £12m of criminally obtained cash in the UK
The CPS prosecuted Kuksov, and Dzetska, both of Kensington, London, following an investigation by the NCA. Kuksov played a leading role in running the illegal enterprise which laundered large sums of criminally derived cash for a fee…
The NCA releases a statement in response to the Virtual Global Taskforce regarding the impact of End-to-End Encryption (E2EE) and AI on combating online child sexual abuse
The Virtual Global Taskforce believes we have reached a significant technological tipping point with the roll out of End-to-End Encryption (E2EE) and the rapid evolution of Artificial Intelligence (AI). The confluence of these developments significantly alters the online landscape and make the law enforcement response to tackling online child sexual abuse (CSA) increasingly complex.