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FCA, BoE, PRA, and PSR revise their MoU to strengthen coordination on payment systems, aligning with NPV and enhancing fraud and digital wallet oversight through clearer roles and data sharing

June 24, 2025

The updated MoU clarifies roles, embeds data sharing, and promotes joint supervision, particularly around issues like push payment fraud and digital wallets. It also prepares for the planned consolidation of the PSR into the FCA, ensuring a seamless transition while reinforcing oversight. The move signals a stronger, more unified approach to tackling fraud and safeguarding consumer trust in the evolving digital payments landscape…

UK Foreign Secretary David Lammy announces a global Summit on Countering Illicit Finance and Corruption in London, aiming to crack down on kleptocracy and drive dirty money out of the UK markets

June 24, 2025

He outlined a new doctrine of “progressive realism,” positioning Britain as a global leader in financial integrity and rule-based cooperation. Highlighting the City’s pivotal role in global tech and finance, he emphasized building new coalitions—including with the Global South—and using the UK’s financial and legal strength to tackle corruption, sanctions evasion, and geopolitical instability in a rapidly shifting world…

NCA UKFIU’s June 2025 SARs in Action highlights a modernised SARs regime handling 460K+ reports yearly, targeting crypto, green crime, and tech threats with improved tools and global collaboration

June 20, 2025

The edition introduces the SARs Digital Transformation Programme, designed to modernise the reporting system and enhance the quality of submissions through focused engagement with the private sector. It features real-life case studies demonstrating the operational value of SARs in uncovering crypto-related fraud, sanctions evasion, and trade-based money laundering, while updated guidance and typologies aim to equip reporters with the tools to identify and respond to emerging financial crime threats…

CPS orders former boss of a London FX firm to repay £64M or serve 14 more years in prison for orchestrating a high-stakes investment scam involving fraud, ML, and fraudulent trading

June 20, 2025

The scam defrauded hundreds of victims out of nearly £70 million, while funds were misused for personal luxury and company branding. The confiscation order is part of the CPS’s broader effort—having recovered £478 million in criminal proceeds over five years—to ensure fraudsters face justice and victims receive compensation…

UK’s 2nd progress report on ECCTA 2023 signals a tougher stance on corporate abuse, with stronger Companies House powers, stricter ownership transparency, and faster ID checks to fight fraud and FC

June 17, 2025

Key reforms include the phased introduction of identity verification for directors and beneficial owners by autumn 2025, enhanced oversight of limited partnerships, and improvements to the Register of Overseas Entities. Thousands of compliance warnings and penalties have been issued, while data protection measures have been bolstered. Backed by over £100 million in funding, these measures are part of a long-term rollout through 2027, aimed at tackling fraud, preventing abuse of UK company structures, and bolstering economic crime enforcement…

Companies House’s 2025–26 Business Plan signals a bold shift in tackling economic crime, equipping the agency with cutting-edge digital tools, tighter ID checks, and expanded powers to curb abuse

June 17, 2025

A key focus is enhancing data integrity through AI-driven analytics, cloud-based platforms, and cross-agency intelligence sharing. Reforms will also tackle misuse of registered addresses, improve trust transparency, and modernise digital services—positioning Companies House as a proactive gatekeeper against illicit financial activity…

FCA issues updated Enforcement Guide (ENFG), effective 3 June 2025 for all new investigations, aiming to improve access to key information, boost transparency, efficiency, and regulatory clarity

June 9, 2025

Notable updates include a U-turn on publicity policy, dropping plans to name firms under investigation unless in exceptional or specified cases (e.g., unauthorised activity). It clarifies when lawyers may attend compelled interviews, limiting joint representation to avoid conflicts. The FCA also formalises its stance on accepting firm-commissioned reports under limited privilege waivers…

BoE and London BIS’s Project Hertha tested AI to detect FC in real-time retail payments, boosting illicit pattern detection by 26% and account identification by 12%, while revealing key limitations

June 5, 2025

The project focused on identifying illicit finance patterns in real-time retail payment systems through advanced transaction analytics. Notably, it achieved a 26% improvement in detecting previously unseen criminal behaviours and a 12% increase in the identification of illicit accounts compared to conventional methods. These findings suggest that AI-driven analytics could serve as a powerful supplementary tool for banks and payment…

CPS secures a £2.5M confiscation order against a convicted money launderer who moved an estimated £93–£110m in illicit cash from the UK to Dubai via couriers flying with £500K per trip

June 3, 2025

Alfalasi was the ringleader in this sophisticated money laundering operation, which also involved several co-defendants. He was sentenced to nine years and seven months’ imprisonment at Isleworth Crown Court on 28 July 2022 after he pleaded guilty to removing criminal property from England and Wales…

NCA’s UKFIU May 25 SARs Reporter Booklet highlights how SARs triggered asset freezes and forfeitures, uncovering links to shell companies, drug proceeds, and fraud – recovering over £800K in one case

May 30, 2025

Investigations revealed connections to shell companies, excessive gambling, nominee directors, and individuals with criminal backgrounds. Asset freezing orders (AFOs) and forfeitures followed, often recovering tens or hundreds of thousands of pounds. One case involved over £800,000 in restrained assets linked to suspected drug proceeds. Another uncovered a false business front used to launder funds, resulting in a £300,000 forfeiture…

FCA consults on Stablecoin and Cryptoasset custody rules to bolster AML defences through EDD, asset safeguarding, and Travel Rule compliance – feedback due 31 July 2025; final rules set for 2026

May 28, 2025

Stablecoins must be fully backed by low-risk, liquid assets, with issuers subject to rigorous liquidity ratio calculations (BACR) and prompt FCA notification in case of breaches. Redemption must occur at par value within one business day, and custodians must maintain robust safeguarding measures, including third-party due diligence, daily reconciliations, and detailed record-keeping. Cryptoassets must be held in non-statutory trusts, segregated from firm holdings, with clear disclosure, transparent outsourcing accountability, and enhanced client protection to minimise risk of failure and financial crime exposure…

UK Finance 2025 Annual Fraud Report reveals a complex fraud landscape, with 2024 fraud losses held at £1.17bn, despite a 12% rise in reported cases, with APP fraud down but card and investment scams up

May 27, 2025

Authorised Push Payment (APP) fraud saw a decline in both value and volume, attributed to heightened industry investment and consumer awareness. However, unauthorised fraud losses rose to £722 million, driven by a 22% surge in remote purchase fraud, where stolen card details are used for online transactions. Notably, 70% of APP fraud cases originated online, and 16% via telecommunications networks. The financial sector successfully prevented £1.45 billion in unauthorised fraud, marking a 16% improvement from the previous year…

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