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Money Laundering & Terrorist Financing

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
National Crime Agency updates

And many more…

 

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Gambling business Star Racing Limited fined £594,000

July 17, 2023

Gambling operator Star Racing Limited will pay a £594,000 penalty for AML and social responsibility failures which inluded having ineffective policies, procedures and controls in place at the time of the compliance assessment; allowing customers to deposit large amounts…

UK: Modern Slavery in the Construction Sector – Industry Information

July 13, 2023

Modern slavery is often perpetrated by organised criminals and is the most extreme form of labour exploitation. Common commercial practices can create vulnerabilities in the workforce where criminality can thrive, for example, through complex supply chains, lapses…

NCA: Money laundering cash couriers smuggled millions in suitcases

July 12, 2023

The couriers, who were paid around £3,000 for each trip and would be booked on business class flights due to the extra luggage allowance, communicated on WhatsApp groups, including one titled ’Sunshine and lollipops’.

Barclays wins UK Supreme Court case over push payment fraud

July 12, 2023

Barclays won a UK Supreme Court appeal that turned on the extent of banks’ duties to protect customers from fraudsters, in a closely watched decision lawyers say could stem a flood of litigation. Fiona Philipp sued the bank in 2020 after she was tricked into transferring…

FCA’s chief Nikhil Rathi on emerging regulatory approach to Big Tech and Artificial Intelligence

July 12, 2023

The FCA welcomes the government’s call for the UK to be the global hub of AI regulation and will open our AI sandbox to firms wanting to test the latest innovations. Big Tech’s role as the gatekeepers of data in financial services will be under increased scrutiny…

FCA continues crackdown on unregistered crypto ATMs in the UK

July 11, 2023

Since the start of 2023, the FCA has visited and inspected 34 locations across the UK suspected of hosting crypto ATMs.

HM Treasury issues Policy Paper ‘Building a Smarter Financial Services Regulatory Framework for the UK: Plan for Delivery’

July 11, 2023

This plan sets out how the government is delivering a Smarter Regulatory Framework for the UK by replacing retained EU law on financial services. It also reports that HMT is commencing the repeal of statutory restrictions which prevent the UK’s financial services regulators…

FCA to review how banks treat politically exposed persons (PEPs)

July 9, 2023

Chancellor Jeremy Hunt was refused a bank account with Monzo last year, which the chancellor said was an example of the “barriers” faced by people wanting to work in public life. He said he believed he was denied the account before he became chancellor because he was a PEP…

UK Finance requests answers to question on new UK restrictions on legal advisory services

July 6, 2023

UK Finance have collated a list of questions about the new restrictions on legal advisory services in Regulation 54D (previous post) of the Russia (Sanctions) (EU Exit) (Amendment) (No. 3) Regulations 2023, which has now been sent to the relevant government departments…

HM Treasury consults on the reform of the AML/CTF supervisory regime

June 30, 2023

HMT has published a consultation on reform of the AML/CTF supervisory system, in line with a commitment in the Economic Crime Plan 2023-6. The consultation will be open for three months, closing on the 30th September 2023…

HM Treasury publishes Economic crime plan 2, covering 2023 to 2026

June 29, 2023

Sets out what the public and private sectors should do to continue to transform the UK’s response to economic crime.

SFO and FCA publish principles of cooperation

June 29, 2023

The SFO and FCA have issued a joint statement aimed at establishing principles for ongoing cooperation which requires the SFO and FCA to meet regularly to discuss strategy, policy and ongoing collaboration. Topics of discussion will include the status of ongoing investigations…

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