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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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NCA releases its Annual Report and Accounts: 2023 to 2024
Includes: a performance report which demonstrates the agency’s performance against its priorities for 2023 to 2024 and the serious and organised crime threat; an accountability report which outlines the agency’s accountability, assurance, governance and risk processes and procedures in 2023 to 2024
AML Intelligence: UK detectives dismantle a £55 million Chinese underground banking operation with student money mules
Metropolitan Police detectives reported that the group laundered over £55 million between February 2020 and June 2023. Initial concerns about underground banking led to an investigation culminating in December 2022 raids on the homes of Xiaoyu Shu and Yin Ying Wang, where over £104,000 was found in a hidden carrier bag, and their residence which yielded cash counting machines and money bags…
TI Russia have conducted an in-depth analysis of illegal money transfers from Russia to the UK through e-payments over the past decade, emphasising the need for stringent regulatory controls and international cooperation to close loopholes in the e-payment sector
This research explores the illicit trade of verified business bank accounts often used by criminals to conceal large financial transfers. It highlights regulatory shortcomings and the role of dark web marketplaces where such accounts, registered under false identities but with real documents, are sold. The study also notes that e-payment platforms despite strict AML procedures are notably vulnerable, with 18% of all Defence aganist ML…
NCA issues its August Edition of the SARs Reporter Booklet
A reporter submitted a DAML SAR to exit their relationship and pay away funds to a customer (the subject) they suspected of opening multiple accounts using fraudulent identity documents, and being in receipt of credits where the subject was not the intended beneficiary. The UKFIU fast-tracked the SAR to an LEA and refused the DAML as the subject was already under investigation….
Home Office undertakes 2024 economic crime survey
The Home Office is undertaking a survey of UK businesses to learn more about whether they have experienced economic crime and the approaches they take to tackle it. The research will inform government policy on economic crime and how the government works with businesses to mitigate associated risks.
FCA calls on firms to improve treatment of politically exposed persons (PEPs)
The findings concluded that banks, payment firms, lenders and other financial firms need to do more to ensure MPs, public servants and their families are treated fairly. At the same time, the FCA has also launched a consultation on amendments to its PEP guidance, but warned firms to make any required updates now, not to wait for the revised guidance…
LexisNexis Risk Solutions: UK firms are spending the equivalent of £21k per hour on fighting financial crime
The True Cost of Compliance series seeks to assess and monitor the UK financial services sector’s efforts in detecting and preventing financial crime. In partnership with Oxford Economics, the study conducted detailed qualitative surveys of 254 UK firms to analyze spending and activity distribution across various compliance obligations…
NCA and seven UK banks have initiated a major project to detect criminal activity through banking data and take action against organised crime
The participating banks are providing the NCA with account data indicative of potential criminality. Subject matter experts and investigators from the NCA and the banks have formed a joint team to analyse the data, alongside the NCA’s own data. Any intelligence outputs will inform the NCA’s investigative work and help the banks to identify risk…
FCA fines cryptoasset firm for repeatedly breaching a requirement that prevented the firm from offering services to high-risk customers
Despite the restrictions in place, CBPL onboarded and/or provided e-money services to 13,416 high-risk customers. Approximately 31 per cent of these customers deposited around USD $24.9 million. These funds were used to make withdrawals and then execute multiple cryptoasset transactions via other Coinbase Group entities, totalling approximately USD $226 million…
HMRC investigates whether Harrods perfume seller knowingly exported perfumes to Russia in breach of UK export restrictions on luxury goods.
FCA sets out the final rules and guidance necessary to implement the Overseas Funds Regime
The gateway for eligible funds to apply for recognition under the OFR is scheduled to open later this year: in September for new schemes and starting from October for funds currently in the temporary marketing permissions regime (TMPR).
MONEYVAL acknowledges Jersey’s progress in combatting money laundering and financing of terrorism
MONEYVAL calls on the jurisdiction to further reinforce the practical application of its frameworks for investigations and prosecutions for ML, as well as the enforcement of sanctions related to AML/CFT preventative measures…