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UK Govt appoints the FCA as the single AML/CTF supervisor for professional services, bringing around 60K firms – including lawyers, accountants, and TCSPs under one unified regulator

October 21, 2025

The report outlines the UK government’s response to its 2024 consultation on AML supervision reform, confirming that the FCA will become the single public supervisor for professional services firms. This reform, shaped by consultation feedback, aims to streamline oversight, strengthen risk-based supervision, and improve coordination with law enforcement, addressing previous gaps in the UK’s AML framework…

FCA’s survey on Financial Crime Controls in Corporate Finance firms exposes major AML gaps, with two-thirds failing key standards and urging stronger risk assessment, due diligence, and oversight

October 20, 2025

The FCA’s review reveals that a notable proportion of corporate finance firms fail to maintain comprehensive business-wide risk assessments or adequately monitor their appointed representatives. Strengthening these controls is essential to ensuring compliance with the Money Laundering Regulations and reducing the sector’s vulnerability to money laundering, fraud, and other financial crimes…

UK AAT’s 2024–25 AML Annual Report reveals major compliance gaps among accountancy firms and rising crypto and AI-fraud risks, urging stronger governance to combat evolving FC

October 17, 2025

The report provides a detailed overview of AAT’s monitoring activity during the year, including practice-assurance reviews, identified deficiencies, enforcement actions and monetary fines imposed on members who fail to meet AML obligations. It further outlines the supervisory approach, emerging threats and highlights resources and guidance made available by AAT to help members fulfil their obligations under the UK’s Money Laundering Regulations…

UK PSR decides not to proceed with an interim cap on UK-EEA cross-border interchange fees, citing the need stronger data and analysis to protect transparency and integrity in payment systems

October 10, 2025

The decision highlights the PSR’s cautious approach to regulatory intervention, aiming to prevent distortions in cross-border payment flows that could obscure transaction data or complicate oversight. It also reinforces the importance of developing a sound evidence base and coordinated framework to maintain visibility and accountability across international payment networks…

UK Border Force seizes 15.6 tonnes of cocaine worth over £1BN between June and Aug 2025, as smugglers use ingenious methods like hiding drugs in cheese wheels to evade detection

October 9, 2025

One major seizure included 2.4 tonnes of cocaine valued at £100 million from a vessel at London Gateway. The operation, supported by the National Crime Agency and international partners, reflects enhanced intelligence sharing and detection capabilities to disrupt organised drug trafficking networks.

CoLP and Action Fraud warn of rising payment diversion fraud, where criminals pose as solicitors or estate agents to intercept property funds, reporting 143 cases and £11.7M in losses Apr 24 – Mar 25

October 7, 2025

The majority of these cases involved residential property transactions, with an average loss of £78,393 per case. Victims were predominantly individuals aged 30 to 49, and the fraud was reported across the UK, with higher volumes in London, Greater Manchester, West Yorkshire, Sussex, and Essex. The police urge anyone involved in property transactions to verify payment requests directly with trusted contacts…

HMT publishes the G7 Cyber Expert Group’s AI and Cybersecurity Statement which urges jurisdictions to track AI developments, foster collaboration, and proactively tackle emerging cyber risks

October 6, 2025

While AI enhances resilience through advanced anomaly detection, fraud prevention, and predictive maintenance, it also introduces risks such as AI-driven phishing and automated exploit development. The Group urges jurisdictions to monitor AI developments, foster public-private-academic collaboration, and proactively address emerging cybersecurity challenges. This statement serves as a call to action for…

FCA convicts an individual for running a £1.3M Ponzi scheme through the fraudulent Imperial Investment Fund, targeting 238 investors via Facebook with unrealistic returns

October 6, 2025

Operating from his Devon home, the perpetrator misled 238 investors by promising unrealistic returns of 1.4% daily, 7% weekly, or 350% annually, primarily through Facebook advertisements. Despite knowing the scheme was collapsing, he continued to recruit new investors…

CoLP joins forces with public and private partners on World Romance Scam Prevention Day to combat romance fraud, which cost victims over £106M last year – £12,000 per hour

October 3, 2025

CoLP coordinated a national response to romance fraud, uniting public and private sector partners—including Bumble Inc, Ofcom, UK Finance, Barclays, and the Metropolitan Police—to address this emotionally and financially devastating crime. It emphasized the importance of collaboration in disrupting criminal networks and supporting victims. They also provided guidance on protecting oneself

UK Govt updates Guidance on Information Sharing measures in the ECCTA 2023, streamlining safe information sharing with stronger confidentiality, data protection, and compliance measures

October 3, 2025

The revised guidance clarifies that AML-regulated firms can directly or indirectly share customer information to prevent, detect, or investigate economic crime (as defined in ECCTA Schedule 11) without breaching confidentiality or incurring civil liability, while excluding privileged information or GDPR-protected data, and allows the Secretary of State to extend these sharing provisions to additional businesses…

UK plans to roll out a mandatory digital ID scheme ‘Britcard’ by July 2029 for Right to Work checks and services, aiming to combat identity fraud with reduced data sharing and stronger security

September 29, 2025

The digital ID could enhance the verification process for company directors and persons with significant control, potentially reducing the risk of fraudulent activities. However, the centralization of personal data raises concerns about data breaches and misuse, which could impact the integrity of financial crime reporting systems. A public consultation will be launched later this year to gather input and refine the initiative. The government is currently…

UK Parliament warns that illegal meat imports threaten biosecurity and calls for stronger enforcement and coordination to address the issue

September 27, 2025

The UK Parliament’s Environment, Food and Rural Affairs Committee has released a report highlighting the escalating crisis of illegal meat imports into Great Britain, posing significant biosecurity risks. The report emphasizes the urgent need for enhanced enforcement, improved inter-agency coordination, and increased public awareness to combat this growing threat effectively.

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