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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
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UK Govt launches Office of Trade Sanctions Implementation (OTSI) to enforce UK trade sanctions, whose powers come into effect on 10 Oct 2024
The OTSI will be responsible for the enforcement of UK trade sanctions, ensuring compliance with UK laws on financial, commercial, and trade-related restrictions. The OTSI will work closely with international counterparts to ensure the UK’s sanction policies align with broader global measures, particularly post-Brexit…
FCA consults on proposals for tackling authorised push payment (APP) fraud, focusing on enabling a risk-based approach to payment processing
The UK has seen a significant increase in authorised push payment (APP) fraud. This is where someone is deceived into authorising a payment either: (i) to an account that they think belongs to a legitimate payee but is actually controlled by a fraudster, or (ii) for something they believed was legitimate but is actually fraudulent
National Economic Crime Centre (NECC) releases its first Annual report for 2023/24, focusing on its efforts to combat ML, fraud, and other financial crimes
The report identifies the ability to share and leverage data with banks and other key private sector counterparts as a key determinant of future success. It cites existing partnerships with crypto analysis specialists that are starting to uncover many previously hidden leads as evidence of the opportunity in this area…
At the Financial Crime Summit London, FCA emphasizes a targeted, outcomes-based strategy for combating financial crime, highlighting the use of emerging technologies and innovative solutions
Key points from Ms Pritchard’s speech include: Fighting financial crime is one of the FCA’s priorities and is a key commitment in its 3-year strategy; In line with the national economic crime plan and fraud strategy, the FCA’s work on financial crime is based on a partnership approach. It has been working with partners across the whole UK system, through the UK’s public and private partnerships and the economic crime plan, whilst also driving a more integrated and targeted approach to tackling financial crime across the FCA…
NCA publishes issue 27 of SARs in Action
This edition provides case studies focusing on the role of professional enablers among banks, MSBs, legal services, etc. in facilitating criminals in illicit finance.
FCA releases its Annual Report and Accounts 2023/24, summarising major regulatory actions, enforcement activities, and policy developments
The report includes significant achievements and progress made by the FCA during the financial year, notable trends observed in the financial sector and regulatory environment…
OFSI reminds UK companies of the upcoming deadline to file annual frozen asset reports
OFSI also updated its guidance on the annual frozen asset review and reporting form to reiterate that frozen assets should be reported to OFSI every year to reflect any changes that may have occurred during the reporting period…
FCA charges first individual with running a network of illegal crypto ATMs
The charges mark the FCA’s first criminal prosecution relating to unregistered cryptoasset activity under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs). These are also the first charges brought against a person accused of running a network of crypto ATMs in the UK.
Reuters: The UK financial watchdog has charged a man with operating illegal cryptocurrency ATMs
London-based Olumide Osunkoya is charged with running illegal crypto ATMs and handling £2.6 million in transactions from December 2021. FCA’s warned that illegal crypto ATMs contribute to global ML and emphasized that there are no legally operating crypto ATMs in the UK. Britain’s FCA has consistently cautioned that cryptocurrencies are extremely risky, poorly regulated and investors should be prepared to lose their entire investment…
MONEYVAL publishes Mutual Evaluation Report on Jersey highlighting that Jersey’s effectiveness in preventing financial crime is among the highest level found in jurisdictions evaluated around the world
In most respects, the elements of an effective AML/CFT system are in place, but the practical application of the existing framework has still to be improved in some areas to reach a substantial level of compliance.
NCA and ICO signed a Memorandum of Understanding to enhance collaboration on cyber security, support victims of cyber attacks, and encourage the reporting of cyber crime
Cyber crime is indiscriminate and unpredictable, and poses a substantial threat to the UK’s national security. According to recent reports by Sophos, the cost of recovery to victims of a ransomware attack has increased by 50% over the last year alone, and now stands at a staggering $2.73 million (£2.07 million).
Cabinet Office publishes work programme and fees for the National Fraud Initiative 2024 to 2025
This document sets out the confirmed work programme and associated scale of fees for the NFI 2024/25 data matching exercise for mandatory participants of the NFI.