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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
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JMLSG’s proposed revisions to Part I of its Guidance provide clearer direction on intra-group outsourcing, CDD for group companies, and intermediaries, to help firms achieve regulatory compliance
The proposed revisions include new paragraph relating to local authorities and professional deputies, new paragraphs relating to group companies, as well as a new paragraph and amendments relating to an intermediary as an agent of the customers…
NCA UKFIU SARs highlight rising threats in ML, fraud, and illicit company formations – identifying evolving risks from fraudulent registrations to large-scale laundering schemes
A reporter suspected that a business customer was ML and submitted a DAML SAR to the UKFIU to request a defence to return the account’s balance to the customer while ending their relationship with them. Suspicious indicators on the customer’s account included little evidence of the business being legitimate, cash deposited in small amounts in an apparent effort to avoid detection…
Home Office’s ‘Evaluation of Clear, Hold, Build: A local response to serious and organised crime’ shows success in reducing acquisitive crime but identifies challenges in tackling illegal drug supply & ML
Clear Hold Build is a place-based operational framework of 3 phases, designed to be deployed flexibly. Clear removes the immediate SOC threats through co-ordinated enforcement work by police and partners to target and disrupt organised crime groups (OCGs) and their spheres of influence through arrests and disruption activity. Hold involves interventions and further disruption activities to consolidate and stabilise the Clear phase, so that remaining OCGs cannot fill the void created. Build involves delivering a whole-system approach through interventions that tackle the drivers of crime and reduce the risk of SOC re-emerging in the future.
FCA reviews firms’ use of the National Fraud Database (NFD) and money mule account detection tools, urging the need for stronger controls
A review of firms’ use of the National Fraud Database (NFD) and detection tools revealed inconsistent reporting and monitoring practices, with some firms failing to report the majority of identified mule cases. The FCA is urging firms to improve data-sharing, enhance real-time checks, and refine detection thresholds to address evolving money laundering risks…
Companies House updates its transition plan for reforming its role under the Economic Crime and Corporate Transparency Act 2023, adding two key implementation dates
There’ll be new responsibilities for: all new and existing company directors, people with significant control of a company (PSCs), anyone who files information on behalf of a company. This is a large and complex set of changes which will be introduced in phases over the coming years. The ongoing operation of the changes will be paid for by an increase in Companies House fees, on a cost recovery basis. We review our fees every year to make sure they’re set at the right level. We increased some of our fees on 1 May 2024.
GCFP publishes the Enterprise Fraud Risk Assessment Guide, offering a structured approach to identify, assess, and mitigate fraud risks, targeting the £81bn annual fraud risk in the public sector
It also considers fraud risks in public-private partnerships (PPPs), where shared responsibilities, complex regulatory environments, evolving compliance requirements, and funding streams create heightened vulnerabilities across various sectors and jurisdictions…
CPS: Three convicted money launderers have been ordered to repay £23.6 m after illegally obtaining Australian dollars and laundering them through cryptocurrency
Masterminded by James Parker the scam exploited a loophole in a crypto exchange allowing his associates to withdraw millions before his death in 2021. Authorities have recovered significant assets with the CPS emphasizing its commitment to targeting proceeds of cyber-enabled crime…
PSR Strategy Update outlines measures to enhance payment security with a strong emphasis on fraud prevention, innovation and consumer protection
Key initiatives include reinforcing APP fraud reimbursement, improving Faster Payments oversight, and expanding open banking capabilities to drive innovation while mitigating financial crime risks.
Home Office’s 2024 drug seizure statistics reveal a 13% rise, with police forces and Border Force carrying out 217,644 seizures in the UK, compared to 192,145 the previous year
The data relate to all drugs controlled under the Misuse of Drugs Act 1971 and Psychoactive Substances Act 2016. The number and quantity of seizures made can be affected by police and Border Force activity and changes in recording practices, as well as changes in the drugs market. Therefore, the number and quantity of drug seizures each year should not be taken as an indicator of drug prevalence in England and Wales…
FCA in its letter to the PM outlines a new approach to align regulations with growth, making it a cornerstone of its 2030 strategy and detailing plans to remove ‘unnecessary regulation’
Key highlights inlcude embracing economic reform risks – the FCA moves from tick-box compliance to a principles-based approach, regulatory easing: Proposals include relaxing some AML requirements to ease business burdens, corporate responsibility: Greater autonomy for boards to drive ethical practices and safeguard consumers….
FCA issues crucial insights on strengthening cryptoasset AML/CTF Applications
FCA provides feedback on the good and poor quality applications, including importance of qualified MLROs, tailored sanctions controls, and transparent marketing practices…
SFO charges five men, including two solicitors following the collapse of the law firm Axiom Ince and alleged improper use of over £60m of client money
The firm’s CEO and director Pragnesh Modhwadia is charged alongside co-director Shyam Mistry and Chief Financial Officer Muhammad Ali with two counts of fraud by abuse of position. They are alleged to have misused client funds and exposed thousands of the firm’s clients to losses…