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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
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Isle of Man FSA releases a series of videos to raise awareness of proliferation financing risks
The videos are part of a PF outreach programme being coordinated by a number of government agencies, including the Financial Services Authority, Gambling Supervision Commission, Financial Intelligence Unit, Cabinet Office, and Treasury’s Customs and Immigration Division.The recordings will cover a range of key topics to enhance understanding of PF and assist firms in meeting their obligations in relation to the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Code 2019. The proliferation of weapons of mass destruction is identified by the FATF as an emerging threat in terms of financial crime…
Bank of England and FCA 2024 survey on AI and Machine learning in UK financial services, reveals a sharp increase in AI adoption, with 75% of firms now use AI, with growing reliance on third-party providers
Of the top five perceived current risks, four are related to data: data privacy and protection, data quality, data security, and data bias and representativeness. The risks that are expected to increase the most over the next three years are third-party dependencies, model complexity, and embedded or ‘hidden’ models. The increase in the average perceived benefit over the next three years (21%) is greater than the increase in the average perceived risk (9%). Cybersecurity is rated as the highest perceived systemic risk both currently and in three years. The largest increase in systemic risk over that period is expected to be from critical third-party dependencies…
Home Office releases ‘New Guidance on Failure to Prevent Fraud,’ offering key insights on corporate criminal offense compliance
The Guidance clarifies the steps large organisations must take to avoid criminal liability for fraud committed by their employees or agents. Effective from Sept 2025, this offence holds companies accountable if they profit from fraud, requiring them to demonstrate “reasonable procedures” to prevent such activities. The guidance emphasizes the need for a strong anti-fraud culture…
Legal Services Board consults on guidance for new regulatory objective on economic crime
Views sought on proposals to underline the important role of legal services regulators in tackling economic crime. This follows a new legal duty being placed on the LSB and the legal services regulators to ‘promote the prevention and detection of economic crime’.
HM Treasury announces further reforms to UK MiFID framework
HM Treasury has committed to make the changes to the UK’s Markets in Financial Instruments Directive (MiFID) framework as part of the government’s work to reform our rulebook for capital markets so that it delivers for investors and firms, and supports growth across the UK.
OFSI issues Financial sanctions guidance for High Value Dealers & Art Market participants
It provides financial sanctions guidance for entities and individuals that operate in the sale or trade of high value goods, especially those trading internationally with regions that may be subject to UK…
NCA issues its 28th SARs in Action magazine, focusing on the Camden Asset Recovery Interagency Network (CARIN), and international stakeholders collaboration in AML
CARIN is involved in the tracing, freezing, seizure and confiscation of international assets. Other organisations covered in this newsletter are Egmont Group and AUSTRAC.
FATF issues call to South Africa to advance efforts to enhance measures against ML and terrorist financing.
Since its 2021 mutual evaluation and the 2023 Follow-Up report, South Africa has made significant progress in strengthening its anti-money laundering and counter-terrorist financing measures. The country has improved its ratings in several FATF recommendations, with three re-rated from partially compliant to largely compliant. South Africa is now compliant on 5 recommendations and largely compliant on 32…
HM Treasury releases consultation response and draft legislation on regulating ESG ratings providers
HM Treasury has published its response to the outcome of its consultation on the future regulatory regime for Environmental, Social, and Governance (ESG) ratings providers, detailing the scope of the proposed regulatory framework, along with related draft legislation. Responses and comments on the draft regulation are sought by 14 January 2025.
FCA secures convictions against two individuals for £1.5m investment fraud
Between February 2017 and June 2019, the two defrauded 65 investors of £1.5 million through fake crypto investments. Bedi and Mavanga both pleaded guilty to multiple offences, including conspiracy to defraud and ML while Mavanga was convicted of perverting justice by deleting evidence. A third defendant faces a retrial in 2025, and a fourth, Rowena Bedi, was acquitted of money laundering charges…
Companies House Strategic Intelligence Assessment provides a clear overview of identified threats, including the misuse of corporate structures for ML, fraud, and corruption
It emphasises the risks associated with shell companies, opaque ownership, and international criminal networks exploiting UK business registrations. The NCA estimates that ML affecting the UK may exceed £100 billion annually. The key concerns include mass corporations: Criminals may exploit mass incorporations to establish shell companies, increasing fraud & ML, with a 19.3% rise…
The Cambridge Centre for Alternative Finance (CCAF) unveils its 2nd Global Cryptoasset Regulatory Landscape Study, highlighting the emerging practices and early lessons learned
Some quick insights include: Cross-Border Challenges: The global nature of crypto assets makes regulation complex. While countries are working together more closely, they’re also setting up national restrictions to control the risks of offshore activities. Focus on Stablecoins and DeFi: Stablecoins are drawing intense scrutiny, especially in developed economies, where there’s concern over stability and redemption rights. DeFi remains mostly unregulated, with regulators more interested in controlling access points like user interfaces rather than the protocols themselves…