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FCA reviews firms’ use of the National Fraud Database (NFD) and money mule account detection tools, urging the need for stronger controls

January 23, 2025

A review of firms’ use of the National Fraud Database (NFD) and detection tools revealed inconsistent reporting and monitoring practices, with some firms failing to report the majority of identified mule cases. The FCA is urging firms to improve data-sharing, enhance real-time checks, and refine detection thresholds to address evolving money laundering risks…

Companies House updates its transition plan for reforming its role under the Economic Crime and Corporate Transparency Act 2023, adding two key implementation dates

January 21, 2025

There’ll be new responsibilities for: all new and existing company directors, people with significant control of a company (PSCs), anyone who files information on behalf of a company. This is a large and complex set of changes which will be introduced in phases over the coming years. The ongoing operation of the changes will be paid for by an increase in Companies House fees, on a cost recovery basis. We review our fees every year to make sure they’re set at the right level. We increased some of our fees on 1 May 2024.

GCFP publishes the Enterprise Fraud Risk Assessment Guide, offering a structured approach to identify, assess, and mitigate fraud risks, targeting the £81bn annual fraud risk in the public sector

January 18, 2025

It also considers fraud risks in public-private partnerships (PPPs), where shared responsibilities, complex regulatory environments, evolving compliance requirements, and funding streams create heightened vulnerabilities across various sectors and jurisdictions…

CPS: Three convicted money launderers have been ordered to repay £23.6 m after illegally obtaining Australian dollars and laundering them through cryptocurrency

January 17, 2025

Masterminded by James Parker the scam exploited a loophole in a crypto exchange allowing his associates to withdraw millions before his death in 2021. Authorities have recovered significant assets with the CPS emphasizing its commitment to targeting proceeds of cyber-enabled crime…

PSR Strategy Update outlines measures to enhance payment security with a strong emphasis on fraud prevention, innovation and consumer protection

January 17, 2025

Key initiatives include reinforcing APP fraud reimbursement, improving Faster Payments oversight, and expanding open banking capabilities to drive innovation while mitigating financial crime risks.

Home Office’s 2024 drug seizure statistics reveal a 13% rise, with police forces and Border Force carrying out 217,644 seizures in the UK, compared to 192,145 the previous year

January 16, 2025

The data relate to all drugs controlled under the Misuse of Drugs Act 1971 and Psychoactive Substances Act 2016. The number and quantity of seizures made can be affected by police and Border Force activity and changes in recording practices, as well as changes in the drugs market. Therefore, the number and quantity of drug seizures each year should not be taken as an indicator of drug prevalence in England and Wales…

FCA in its letter to the PM outlines a new approach to align regulations with growth, making it a cornerstone of its 2030 strategy and detailing plans to remove ‘unnecessary regulation’

January 16, 2025

Key highlights inlcude embracing economic reform risks – the FCA moves from tick-box compliance to a principles-based approach, regulatory easing: Proposals include relaxing some AML requirements to ease business burdens, corporate responsibility: Greater autonomy for boards to drive ethical practices and safeguard consumers….

FCA issues crucial insights on strengthening cryptoasset AML/CTF Applications

January 8, 2025

FCA provides feedback on the good and poor quality applications, including importance of qualified MLROs, tailored sanctions controls, and transparent marketing practices…

SFO charges five men, including two solicitors following the collapse of the law firm Axiom Ince and alleged improper use of over £60m of client money

January 5, 2025

The firm’s CEO and director Pragnesh Modhwadia is charged alongside co-director Shyam Mistry and Chief Financial Officer Muhammad Ali with two counts of fraud by abuse of position. They are alleged to have misused client funds and exposed thousands of the firm’s clients to losses…

UK Charity Commission seeks information on the risks non-profit organisations face from terrorist financing schemes

January 3, 2025

The Commission is currently undertaking a review of the UK’s NPO sector, in accordance with FATF’s Recommendation 8, to help assess its vulnerability to terrorist financing.

Home Office publishes 2023/24 on the activities of the Appointed Person for England and Wales

December 18, 2024

Officers must file a written report to the Appointed Person in two scenarios: where assets are seized but not detained for more than 48 hours and where no assets are seized. This report should explain why the officer believed the powers were exercisable or why prior judicial approval was not practicable.

Home Office publishes Unexplained Wealth Orders Annual report from 2023 – 2024