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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
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NECC issues an Amber Alert to its partner institutions to raise awareness and share key trends relating to the increasing threat of digital wallet fraud
Digital wallet fraud is a rapidly growing financial crime where criminals add stolen bank card details to mobile wallet apps without the cardholder’s knowledge. Fraudsters are able to exploit the verification process linking a card to a digital wallet. Once the stolen card details are added, these wallets can be used to bypass standard banking fraud controls to enable fraudulent purchases and cash-outs…
Covid fraudster jailed for 18 months for misusing a £50,000 Bounce Back Loan to buy a house and dissolve his company to evade repayment, with recovery proceedings underway under POCA
Within two days of receiving the funds in June 2020, Rashidzadeh transferred the entire amount into his personal account and used it to purchase a £116,000 semi-detached house in Huddersfield. He then applied to have his company struck off the Companies House register without notifying the bank that had lent him the money…
UK Govt reports a record £480M saved in its largest-ever fraud crackdown, using data analytics and AI to detect and recover funds, including £186M from COVID-19 loan scams
Additional savings were realized through actions such as preventing unlawful claims for single-person council tax discounts and removing individuals from social housing waitlists who intended to illegally sublet their homes. These efforts have redirected funds back into essential public services, supporting the government’s Plan for Change, which aims to recruit more nurses, teachers, and police officer…
UK Border Force seizes over one tonne of cocaine worth £72M hidden in generators from South America, exposing criminal gangs sophisticated smuggling amid a record year for seizures
The case involves Border Force officers acting on strong intelligence to inspect two industrial generators, collectively weighing around 40 tonnes and valued at £720,000, that had hidden inside them over one tonne of cocaine from South America. Despite the risk of having to pay substantial compensation if the generators had been damaged without uncovering the drugs, the officers’ skill and caution led to a £72 million drug seizure and a subsequent charge…
FCA’s consultation paper proposes minimum standards for crypto firms to promote good business practices, enhance consumer protection – feedback due 12 Nov 2025
The consultation seeks to gather stakeholder feedback on how crypto firms can align with robust operational and governance practices, ensuring accountability and ethical business conduct. It also explores extending regulatory expectations, such as the Consumer Duty, to digital asset services to strengthen investor protection and complaint handling…
OFSI provides guidance to UK persons and entities that are required to report frozen assets of designated individuals by 30 September 2025
The notice aims to ensure comprehensive visibility of assets subject to UK financial sanctions, strengthening oversight and enforcement of restrictive measures. It also reinforces ongoing obligations to freeze, not deal with, and promptly report designated persons’ funds or economic resources to safeguard the integrity of the sanctions regime.
Home Office’s Asset Recovery Statistics 2020–2025 show £284.5M recovered in 2025, driven by higher confiscation and forfeiture orders, record victim compensation, and £160.3M allocated for law enforcement
The report aims to provide transparency on the performance of the UK’s asset recovery regime, covering confiscation, forfeiture, civil recovery, and asset denial activities across law enforcement and prosecuting agencies. It highlights significant year-on-year increases in confiscation receipts, victim compensation, and ARIS funding allocations, alongside a decline in restraint and seizure values…
FCA Executive Director Steve Smart outlines new FC measures at 1LoD Financial Crime Summit, including an AML Synthetic Data sprint, NCA collaboration, action on rogue ‘finfluencers,’ and a RBA
In his speech at the Financial Crime Forum in London, Steve Smart emphasized a proactive, system-wide approach to combating financial crime through stronger enforcement, enhanced detection, and technological innovation. He highlighted the importance of cross-sector collaboration, public-private partnerships, and regulatory measures such as mandatory reimbursement for APP scams to strengthen the UK’s financial crime resilience…
NCA dismantles a drug smuggling ring which attenpted to import 600 kg of cocaine and cannabis using a yacht involved in a transatlantic sailing race – leading to multiple convictions and long prison terms
The NCA secured convictions against members of a crime group who conspired to smuggle 600 kilograms of cocaine and cannabis into the UK using a yacht participating in a transatlantic race. The investigation, part of Operation Venetic, uncovered encrypted communications that exposed the trafficking plots and resulted in substantial prison sentences for those involved.
HMT’s consultation paper, ‘A Streamlined Approach to Payment Systems Regulation’, proposes to fully integrate PSR’s functions into the FCA to enhance regulatory efficiency – seeking feedback by 20 Oct 25
This consolidation, announced in March 2025 as part of the Regulatory Action Plan, would transfer the PSR’s responsibilities to the FCA, including promoting competition and innovation in payment systems, overseeing the services they provide, and safeguarding the interests of consumers and businesses…
HMT consults on draft 2025 ML/TF Regulations, proposing enhanced CDD, revised pooled a/c, trust rules, and cryptoasset oversight, with feedback by 30 Sept 25
The draft regulations clarify requirements for pooled client accounts, trust registration, and customer due diligence, aiming to make compliance more practical for firms while maintaining robust protections against financial crime. Stakeholders are invited to provide feedback by 30 September 2025 to ensure the final instrument effectively addresses operational challenges and evolving AML/CTF risks…
UK’s Data (Use and Access) Act 2025 strengthens financial crime controls by improving regulators’ access to data, tightening digital ID checks, and facilitating secure intelligence sharing
The UK’s new Data (Use and Access) Act 2025 is now law, strengthening the country’s financial crime framework. The legislation gives regulators faster access to customer and business data, introduces stricter digital ID checks and signature requirements, and establishes secure channels for information sharing between banks, regulators…