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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
And many more…
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FCA, Bank of England and PRA publish the latest annual CBEST thematic report
CBEST tests the cyber resilience of firms and financial market infrastructures (FMIs) through live testing that mimics the actions of cyber attackers. The report highlights the importance of building strong cyber hygiene and the need for firms to simulate a range of cyber testing…
Cayman Islands ‘delisting’ begins, excluding them from the FATF, EU & UK grey lists
The Basel AML Index briefing addresses the Cayman Islands’ removal from the FATF’s grey list in October 2023, outlining the initial listing reasons, compliance actions, and implementation, as part of a series on jurisdictions delisted from FATF’s monitoring lists…
Law firm Clyde & Co fined $635K for breaching UK money laundering rules
Global law firm Clyde & Co was fined 500,000 pounds ($635,613) for multiple breaches of money laundering regulations relating to a long-standing client. The firm admitted it failed to conduct adequate due diligence on a shipping industry client…
UK Govt changes treatment of Politically Exposed Persons under the Money Laundering Regulations
Regulated firms are now required to treat domestic PEPs, their family members, or known close associates as inherently lower risk than non-domestic PEPs, They have to apply a lower level of enhanced due diligence unless other risk factors are present…
UK Govt announces new Office of Trade Sanctions Implementation (OTSI)
OTSI is a strategic move by the UK Govt to tighten the screws on companies evading Russian sanctions, further strengthening the UK’s sanctions system. OTSI is set to launch in early 2024 and will sit alongside the OFSI…
Home Office announces new strategy to tackle the domestic and international threat of serious and organised crime
The new strategy builds on the work already underway by government and law enforcement and sets out further action to eradicate complex criminal networks, including through the NCA..
OFSI and the FCA have entered into an information sharing agreement
A new agreement has been established between OFSI and the FCA to share information related to potential weaknesses in regulated companies’ systems and controls. This collaboration aims to prevent sanctions breaches and enhance the enforcement of those sanctions.
HMT publishes the Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No.2) Regulations 2023
The changes reflected in the updated list include: Albania, Cayman Islands, Jordan and Panama are no longer classed as high-risk third countries for the purposes of enhanced customer due diligence requirements in regulation 33(1) of the MLRs…
NCA issues latest SARs in Action
Includes evidence from Constable Day of Cheshire Police who has achieved his personal target of recovering £1 million for the victims of fraud during 2023 with the help of SAR intelligence.
A new UK government plan is in place to combat serious and organised crime at home and abroad
The new strategy includes increased funding for the NCA in 2023/24, to enable local forces to address organised crimes within their communities and emphasises international efforts to prevent exploitation, including combating modern slavery…
FCA consults on access to cash in an increasingly digitalised world
Proposals would require designated firms, acting alone or via a designated coordination body, to establish a cash access request process, allowing local communities to ask for significant gaps in local cash provision to be addressed.
UK National Audit Office makes several recommendations to the UK’s FCA on how to improve its oversight
As this report is focused on how the FCA is responding to changes in the market and to its remit, it does not seek to establish the overall effectiveness of the FCA’s business-as-usual work, nor does it review how the FCA has managed individual regulatory decisions or cases…