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This section covers AML/CTF initiatives by FCA, HMT, HMRC, JMLSG and other related UK organisations.
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At the Financial Crime Summit London, FCA emphasizes a targeted, outcomes-based strategy for combating financial crime, highlighting the use of emerging technologies and innovative solutions
Key points from Ms Pritchard’s speech include: Fighting financial crime is one of the FCA’s priorities and is a key commitment in its 3-year strategy; In line with the national economic crime plan and fraud strategy, the FCA’s work on financial crime is based on a partnership approach. It has been working with partners across the whole UK system, through the UK’s public and private partnerships and the economic crime plan, whilst also driving a more integrated and targeted approach to tackling financial crime across the FCA…
NCA publishes issue 27 of SARs in Action
This edition provides case studies focusing on the role of professional enablers among banks, MSBs, legal services, etc. in facilitating criminals in illicit finance.
FCA releases its Annual Report and Accounts 2023/24, summarising major regulatory actions, enforcement activities, and policy developments
The report includes significant achievements and progress made by the FCA during the financial year, notable trends observed in the financial sector and regulatory environment…
OFSI reminds UK companies of the upcoming deadline to file annual frozen asset reports
OFSI also updated its guidance on the annual frozen asset review and reporting form to reiterate that frozen assets should be reported to OFSI every year to reflect any changes that may have occurred during the reporting period…
FCA charges first individual with running a network of illegal crypto ATMs
The charges mark the FCA’s first criminal prosecution relating to unregistered cryptoasset activity under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs). These are also the first charges brought against a person accused of running a network of crypto ATMs in the UK.
Reuters: The UK financial watchdog has charged a man with operating illegal cryptocurrency ATMs
London-based Olumide Osunkoya is charged with running illegal crypto ATMs and handling £2.6 million in transactions from December 2021. FCA’s warned that illegal crypto ATMs contribute to global ML and emphasized that there are no legally operating crypto ATMs in the UK. Britain’s FCA has consistently cautioned that cryptocurrencies are extremely risky, poorly regulated and investors should be prepared to lose their entire investment…
MONEYVAL publishes Mutual Evaluation Report on Jersey highlighting that Jersey’s effectiveness in preventing financial crime is among the highest level found in jurisdictions evaluated around the world
In most respects, the elements of an effective AML/CFT system are in place, but the practical application of the existing framework has still to be improved in some areas to reach a substantial level of compliance.
NCA and ICO signed a Memorandum of Understanding to enhance collaboration on cyber security, support victims of cyber attacks, and encourage the reporting of cyber crime
Cyber crime is indiscriminate and unpredictable, and poses a substantial threat to the UK’s national security. According to recent reports by Sophos, the cost of recovery to victims of a ransomware attack has increased by 50% over the last year alone, and now stands at a staggering $2.73 million (£2.07 million).
Cabinet Office publishes work programme and fees for the National Fraud Initiative 2024 to 2025
This document sets out the confirmed work programme and associated scale of fees for the NFI 2024/25 data matching exercise for mandatory participants of the NFI.
NCA releases its Annual Report and Accounts: 2023 to 2024
Includes: a performance report which demonstrates the agency’s performance against its priorities for 2023 to 2024 and the serious and organised crime threat; an accountability report which outlines the agency’s accountability, assurance, governance and risk processes and procedures in 2023 to 2024
AML Intelligence: UK detectives dismantle a £55 million Chinese underground banking operation with student money mules
Metropolitan Police detectives reported that the group laundered over £55 million between February 2020 and June 2023. Initial concerns about underground banking led to an investigation culminating in December 2022 raids on the homes of Xiaoyu Shu and Yin Ying Wang, where over £104,000 was found in a hidden carrier bag, and their residence which yielded cash counting machines and money bags…
TI Russia have conducted an in-depth analysis of illegal money transfers from Russia to the UK through e-payments over the past decade, emphasising the need for stringent regulatory controls and international cooperation to close loopholes in the e-payment sector
This research explores the illicit trade of verified business bank accounts often used by criminals to conceal large financial transfers. It highlights regulatory shortcomings and the role of dark web marketplaces where such accounts, registered under false identities but with real documents, are sold. The study also notes that e-payment platforms despite strict AML procedures are notably vulnerable, with 18% of all Defence aganist ML…