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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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New guidance on detecting and preventing money mules
The FCA published key findings from its multi-firm review of payment account providers’ systems and controls against money mule activity, outlining examples of good practice, areas for improvement and how firms manage the risks…
UK authorities criticised for failing to prosecute financial crime enablers and rich tax cheats
Prosecutors in UK have been accused of being too timid in targeting financial criminals, with two separate reports last month highlighting low levels of enforcement against both financiers tasked with reporting suspicious money flows and wealthy tax cheats…
1 in 3 firms compliant with AML regime – SRA annual report
The report details the regulator’s stance and approach to AML regulation for law firms. The SRA warns that it is increasing its focus to “ensure that all solicitors understand and meet the obligations of the financial sanction regime.” Over the past 12 months the SRA have completed…
JMLSG publishes final amendments to Paragraph 5.3.129A (relating to discrepancy reporting) within Part I Chapter 5 of its Guidance
The revisions concerns guidelines on beneficial ownership and have been submitted to HM Treasury for Ministerial approval.
UK Court of Appeal grants injunction to block civil proceedings filed in Russia following the imposition of Russia-related sanctions
The Court of Appeal in London has confirmed that the UK sanctions regime does not prevent courts from entering judgment in favour of sanctioned persons in civil litigation – meaning an US$850 million fraud suit brought by two Russian banks can proceed…
Lexis Nexis Guide for companies to survive and thrive by managing third-party risk – The new era of due diligence in 2023
Due diligence has changed beyond recognition in recent years and continues to evolve at pace. Traditionally, it involved a team of compliance officers manually searching through legal documents and financial accounts to detect risks of doing business with a third party…
LexisNexis releases a due diligence checklist: a step-to-step guide to managing third-party bribery and corruption risk in 2023
The checklist emphasises the importance of a comprehensive due diligence process for third-party relationships, examining potential risks related to bribery and corruption, ensuring organisations have a clear understanding of the entities they engage with…
Skillcast blog on ‘8 Ways to Protect your Firm from Money Laundering’
Money laundering regulations aim to reduce this figure by making it harder for criminals to use the financial system to launder their ill-gotten gains. Secondly, it enables the authorities to recover any proceeds of crime and take the financial incentive out of crime…
HMRC updates guidance on how to register for the Economic Crime Levy.
Guidance added for amending a registration, which can now be done oline via an Economic Crime Levy account. Also guidance updated on what information is needed to register a charity, trust, unincorporated association, registered society or non-UK establishment.
HM Treasury publishes details for OFSI Correspondent Banking Payments licence
This licence is granted under Regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019 (“the Russia Regulations”) and Regulation 32 of the Republic of Belarus (Sanctions) (EU Exit) Regulations 2019 (“the Belarus Regulations”).
FCA updates webpage on ‘Cryptoasset AML/CTF regime: feedback on good and poor-quality applications’
This feedback is not exhaustive and should be viewed together with the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017, as amended (MLRs), relevant guidance and the information on our website about registration applications from…
UK AAT publishes its 2022-23 anti-money laundering annual report
The report aims to provide transparency over AAT’s work as a supervisory authority in this period, including an overview of all AML monitoring activities and providing insight into member compliance with the Money Laundering, Terrorist Financing and Transfer…