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FCA releases its Business Plan 2023/24 prioritising financial crime prevention

The Business Plan sets out how the FCA will deliver its 2022-25 Strategy, prioritising financial crime prevention by focusing on driving down fraud and delivering the UK Economic Crime Plan 2, lowering the incidence of money laundering, raising standards in authorised firms…

UK Govt publishes new UK Economic Crime Plan 2, 2023/2026

The new UK Economic Crime Plan 2023/2026 highlights further actions to tackle money laundering, fraud and kleptocracy. It is intended to build on the first economic crime plan by delivering real-world outcomes to cut crime, protect our…

 

Gambling Commission fines 32Red and Platinum Gaming for AML failures

Two online operators 32Red Limited and Platinum Gaming Limited, both part of Kindred Group plc, will pay a £7.1 million penalty for social responsibility and anti-money laundering failures. 32Red Limited, which runs 32red.com, will pay £4,195,655 whilst Platinum…

JMLSG publishes amendments to Sectors 8 and 9 in Part II

JMLSG made final amendments to the Part II of its Guidance: Sector 8 (Non-life providers of investment fund products) and Sector 9 (Discretionary and advisory investment management). These have been submitted to HM Treasury for Ministerial approval..

UK Govt publishes TCSP Guidance for ML supervision

UK Govt publishes Trust or company service provider Guidance for money laundering supervision, which helps trust or company service providers meet their requirements for money laundering supervision, including CDD, record keeping and reporting suspicious activity…

NICE Actimize 2023 Fraud Insights Report reveals attempted Fraud Transactions have increased

The report indicated that from 2021 to 2022, attempted fraud transactions skyrocketed by 92% and attempted fraud amounts have soared by 146%. This alarming trend highlights there is a dramatic increase in overall transaction volumes and fraudsters are becoming bolder…

Home Office Fact Sheet on journalistic freedoms under the National Security Bill 

Part 1 of the bill contains the core state threats offences and measures. These are designed to make the UK an even harder place for states to conduct hostile activity in, increase the cost to them of doing so and tackle all aspects of the threat, which has evolved since…

HM Treasury and Bank of England issues consultation paper on The digital pound

The digital pound would be a new form of digital money issued by the Bank, for use by households and businesses for their everyday payments needs. The consultation paper notes that the digital pound is likely to be needed in the future, but does not yet make a decision…

House of Commons Library research briefing on cryptocurrencies

The briefing examines what cryptocurrencies are, how they work, the benefits and challenges they offer, and how regulators have reacted to them. It covers the definition of cryptocurrencies and cryptoassets; the regulation of cryptoassets and stablecoins…

Gambling Commission fines Blue Star Planet Ltd for AML control failings

Blue Star Planet Limited, trading as 10Bet, will pay £620,000 after a Commission investigation revealed social responsibility and anti-money laundering failures. The operator – which runs 10bet.co.uk – will pay the money as part of a settlement with the Commission…

HMRC updates its Art market participants guidance for money laundering supervision

The guidance helps art market participants meet their obligations for money laundering supervision, including customer due diligence, record keeping and reporting suspicious activity. This guidance is based on law and regulations as at 6 Feb 2023 produced by BAMF…

 

Home Office report on the operation of the Investigatory Powers Act 2016

Home Office has published a report on the Investigatory Powers Act 2016 (IPA 2016), which discusses the findings of an internal review that was conducted into the operation of the IPA 2016 to determine whether it remains fit for purpose…