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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
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OFSI updates Financial sanctions guidance for High-Value Dealers & Art Market Participants to strengthen compliance, raise awareness and address potential enforcement gaps
Individuals and firms must ensure that firms in these sectors are fully prepared for the new reporting requirements, which will enhance compliance and minimize the risk of regulatory breaches…
FCA expands the APP fraud synthetic dataset, with new scam types, enhanced consumer profiles & advanced insights to boost fraud detection and compliance
With £485 m lost to APP fraud in 2022, these updates provide individuals with stronger data to develop fraud detection models and strengthen compliance efforts…
UK Govt to abolish the Payment Systems Regulator, shifting its oversight to the FCA to streamline financial oversight, reduce regulatory burdens, and enhance payments efficiency
The move signals a shift in regulatory oversight for payment systems, impacting firms handling Faster Payments and Mastercard transactions…
CPS convicts four individuals for laundering £266m in criminal proceeds through a gold dealership – NatWest was fined for it
Cash couriers delivered large sums of illicit money in sports bags and holdalls to business addresses managed by the defendants. The money was counted on-site using specialist machines and then sent via G4S or the Post Office to NatWest for deposit into Fowler Oldfield’s account. This operation was used to launder criminal proceeds…
NCA Operation Venetic jails two for £190m cocaine trafficking, laundering illicit profits through famous ‘Hatton Garden’ gold merchant
The pair used the encrypted communications platform EncroChat to discuss their offending, with Byrne using the handles ‘slickvalley’ and ‘officialcleaner’ and Devlin known as ‘scalpcleaner’. EncroChat messages showed that the pair had attempted to import around five tons of cocaine between March 2020 and June 2020 via a number of ports in Europe including Antwerp, and the UK. This major operation also uncovered links to a prison break…
FCA strengthens FG21/1 Guidance to enhance protections for vulnerable consumers amid rising fraud and financial crime
The FCA’s updated FG21/1 guidance on fair treatment of vulnerable consumers – particularly timely given the rising exploitation of vulnerable individuals by fraudsters. The FCA outlines 4 key drivers of vulnerability that heighten risks, including Health – Physical/mental conditions affecting decisions, Life Events – Bereavement, job loss, or financial shocks, Resilience – Low savings, high debt, or instability and Capability – Limited financial/digital literacy…
Electronic Payment International warns that instant payments create gaps in AML and sanctions screening – banks must adopt real-time monitoring and strengthen risk controls
As payment technologies evolve, financial institutions face mounting pressure to adapt their compliance systems to handle faster transactions, including those processed in real-time. Marshall highlights how these advancements, such as instant payments and digital currencies, present new challenges for detecting and preventing financial crimes like ML and sanctions violations…
FCA secures first UK sentence for unregistered crypto activity: Olumide Osunkoya gets 4 years for operating £2.5m in illegal crypto ATM Network
Operating under the company GidiPlus Ltd, Osunkoya continued to run crypto ATMs at multiple locations despite being denied FCA registration. He was convicted of multiple charges, including forgery and possessing criminal property. The FCA continues to tackle illegal crypto ATMs nationwide…
CPS convicts former Co-Op Bank director Paul Flowers, who was jailed for defrauding a vulnerable friend of £100K by misusing power of attorney and estate funds
Flowers misappropriated funds over several years using them for personal expenses including luxury items and leisure activities, even continuing the fraud after her death. The case highlights the risks of financial exploitation through power of attorney and underscores the need for stricter oversight to protect vulnerable individuals from similar abuses…
FCA and PSR’s joint feedback statement on Big Tech and digital wallets highlights the growing reliance on digital wallets in the UK, alongside concerns about competition, consumer protection, and innovation
This report also highlights some of the opportunities that could be achieved through broader adoption of other digital technologies, eg authentication and verification services emerging from the UK Digital Identity and Attributes Trust Framework and the launch of a GOV.UK digital wallet, or introduction of a digital pound…
FCA fines Mako Financial Markets Partnership £1,662,700 for failing to ensure it had effective systems and controls to guard against financial crime, specifically related to cum-ex trading activities
Mako executed £92.2bn in circular equity trades on behalf of Solo Group clients, enabling withholding tax reclaims in Denmark and Belgium, earning £1.45m in commission. The FCA’s investigation, its eighth and final into cum-ex trading, resulted in over £30m in fines, with Mako receiving a reduced penalty for settling. Mako also failed to conduct due diligence on payments from a UAE-based third party, heightening money laundering risks…
UK Finance reports bank manager and accomplice jailed for £7.3M fraud, laundering funds through fake business accounts
A London bank manager and his accomplice were jailed for nine-and-a-half years for laundering £7.3M through 394 fake business accounts. Between 2017 and 2019, Rukon Miah used his role to open fraudulent accounts with counterfeit documents from Jan Ciecierski, funneling stolen funds to offshore banks. The Dedicated Card and Payment Crime Unit (DCPCU) uncovered fraudulent IDs and bank cards, securing their conviction…