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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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HM Treasury advises UK-regulated firms to apply EDD and ongoing monitoring to any business relationship or transaction involving High-Risk Third Countries, in line with FATF’s revised lists
UK firms must apply enhanced due diligence and ongoing monitoring to all customers and transactions linked to high-risk third countries, tailoring the intensity based on risk factors and FATF findings. Additionally, group-wide controls require branches and subsidiaries in weaker AML jurisdictions to implement UK-equivalent measures to ensure consistent compliance…
UK Govt releases updated guidance on Modern Slavery Act reporting requirements
This guidance highlights the growing scrutiny of corporate responsibility in preventing modern slavery, especially in complex global supply chains. The guidance is a crucial tool for businesses striving to mitigate risks linked to human trafficking and forced labour…
FCA’s 5-year strategy envisions a trusted, innovative sector through smarter regulation, tech-led financial crime prevention, high-growth support, stronger Consumer Duty and global expansion
Key financial crime highlights include the persistent rise in payment fraud, particularly social engineering scams that bypass strong authentication measures…
NCA launches a campaign to combat financially motivated sextortion, a growing online blackmail targeting teenage boys, aiming to raise awareness and empower victims to report
Organised crime groups, mainly from West Africa and Southeast Asia, exploit victims for quick financial gain, sometimes blackmailing them within an hour of contact. Research shows most teenage boys lack awareness of sextortion tactics and reporting mechanisms. The campaign, running on social media, aims to educate boys aged 15-17 and provide guidance for parents…
Home Office issues independent review of disclosure and fraud offences aiming to modernise disclosure and benefiting individuals and corporations by tackling key inefficiencies
The review by Jonathan Fisher KC outlines how the rapid growth of digital data is overwhelming investigators, prosecutors and defence teams, leading to delays, inefficiencies and risks to fair trial rights. It calls for urgent reform to modernise disclosure practices and better tackle complex fraud cases…
HMRC urges informal money transfer providers, such as Hawala operators to register for AML supervision, warning of penalties, prosecution, or closure for non-compliance
HMRC allows businesses to remain compliant with UK regulations, avoiding the significant risks associated with non-compliance such as hefty fines, reputational damage, or even closure. The campaign emphasize that regulatory compliance is not only essential for legal operation but also helps to protect the integrity of the financial system and safeguard the communities these services support…
NCA charges man after Border Force officers at Heathrow Airport seizes £1m in suspected illicit cash linked to criminal activity, intercepting him before his flight to Beirut
Serious and organised crime in the UK is often driven by financial gain. Border Force’s £1M cash seizure at Heathrow, due to officers’ vigilance, has triggered an NCA investigation. Authorities remain committed to disrupting criminal networks and safeguarding the public…
Companies House launches ACSP registration to strengthen AML oversight, enforce ID checks, and close financial crime loopholes in the UK
The new Authorised Corporate Service Provider (ACSP) registration service is being launched under the Economic Crime and Corporate Transparency Act, requiring third-party agents to verify identities and register for enhanced oversight in the UK’s business landscape.
UKFIU SARs reporter booklet highlights £190K fraud case, alongside case studies on shell companies, VAT fraud, illicit crypto transfers, ML through gambling, and misuse of public funds
A financial institution flagged a high-turnover business account with £10M in annual transactions, including a £50,000 fraud-linked transfer and crypto payments. A DAML SAR was submitted to exit the relationship, but the UKFIU refused and escalated it to law enforcement. Investigators uncovered a larger fraud network, enabling multi-agency intelligence sharing…
FCA declines Zeux Limited’s registration as a cryptoasset exchange provider, citing inadequate AML controls and ineffective risk management
The FCA found weaknesses in Zeux’s Business-Wide Risk Assessment, including inadequate customer risk analysis, failure to assess geographic risks, and missing controls for crypto transactions. Zeux’s incomplete risk framework raises concerns over its ability to detect illicit finance, posing a regulatory hurdle for its operations in the UK.
The Law Society Gazette reports that Simpson Thacher & Bartlett was fined £300K for historical AML breaches, including failures in risk assessments and compliance policies
The firm was alleged to have failed to have, in compliance with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, to carry out a firm-wide risk assessment between June 2017 and March 2020, and, between June 2017 and January 2023, failed to have in place fully compliant policies, controls or procedures…
FCA accelerates investigations, drops public interest transparency proposal amid industry concerns
The FCA is ramping up enforcement, improving investigation speed, and refining transparency measures. While dropping its proposal to shift from an “exceptional circumstances” test to a “public interest” test for announcing investigations into regulated firms, it will move forward with widely supported changes—confirming public-domain cases, increasing disclosures on unregulated firms’ misconduct, and publishing anonymised investigation details.