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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 releases its first-ever Cryptoassets Threat Assessment raising red flags on under-reporting and highlighting crypto’s growing exposure to sanctions risk
OFSI released its first-ever Cryptoassets Threat Assessment raising red flags on under-reporting and highlighting crypto’s growing exposure to sanctions risk. The report highlights the increasing use of cryptoassets to evade sanctions, particularly by high-risk actors and jurisdictions, and warns that the sector is becoming more exposed to sanctions risk. OFSI calls for greater compliance, transparency, and due diligence among crypto firms…
UK SFO and AGO’s updated May 2024 Framework boosts SFO’s independence on complex fraud, while adding tighter AGO oversight, clearer dispute rules, and stricter financial checks to rebuild trust
The updated framework agreement between the SFO and the Attorney General’s Office (AGO) introduces stronger ministerial oversight, clearer strategic controls, and enhanced governance standards designed to sharpen the accountability of the UK’s leading financial crime prosecutor. This revision reflects a significant commitment to improving transparency and ensuring robust mechanisms are in place for…
HMT and OfDIA announce new MLR guidance to embed certified digital IDs into financial services, aiming to cut fraud, reduce compliance costs, and unlock £4.3B by 2034
This initiative addresses long-standing uncertainty among financial institutions regarding the regulatory treatment of digital identity technologies, which has historically limited adoption. The forthcoming guidance, developed in coordination with the UK’s new Data (Use and Access) Act, will provide clarity on definitions, risk-based application, and how certified providers under the UK digital identity trust framework can support firms’ MLR obligations…
NCA’s 2024–25 Annual Report highlights a year of intensified FC crackdowns, delivering 450 high‑impact disruptions – 72% above target with stronger border seizures, global reach, and tech‑driven growth
Backed by £58 million in additional funding, the NCA expanded its workforce, modernised technology, and enhanced coordination under the National Control Strategy. Operating from UK hubs and through officers stationed in over 50 countries, the Agency maintained strong financial stewardship with an unqualified audit, while governance bodies ensured strategic oversight…
UK HM Treasury issues Consultation response on improving the effectiveness of Money Laundering Regulations calling for clearer, fairer, and more risk-based due diligence rules
Other changes address onboarding procedures during bank insolvencies, currency threshold adjustments, better information sharing among authorities, and regulation of off-the-shelf company sales. HMT plans to publish draft legislation later this year to formalize these reforms, reflecting a balanced approach to enhancing effectiveness without overburdening businesses…
NCA and FCA publish nine priorities for the UK’s regulated sector to combat the biggest economic crime threats, aligning with UK’s 2025 NRA
The priorities include combatting cash-based money-laundering, the exploitation of money mules, and fraud associated with overseas jurisdictions. The NCA estimates that over £100 billion is laundered through or within the UK each year. The publication meets a commitment in the UK’s second Economic Crime Plan and marks a significant step forward in aligning public and private sector efforts to tackle financial crime and terrorist financing threats…
Home Office 2024–25 report flags migrant surges and boosts law enforcement powers to tackle border and financial crime risks
The Home Office Annual Report 2024–25 highlights significant operational challenges related to a 24% rise in small boat migrant crossings and the accommodation of over 100,000 asylum seekers, underscoring risks linked to immigration and border enforcement. It also outlines strategic initiatives, including enhanced law enforcement powers via the Crime and Policing Bill and a new policing performance framework, which are critical for addressing financial crime risks tied to migration, human trafficking, and related illicit activities.
UK’s 2025 NRA flags how criminals are increasingly exploiting sectors once seen as low-risk – such as universities, football, letting agents, TCSPs, and professional services
The report warns of rising risks driven by new technologies, geopolitical instability, and sophisticated criminal networks, while cash-based money laundering, misuse of professional services, and complex ownership structures remain persistent threats. The assessment underscores the need for a coordinated, risk-based approach by government, law enforcement, supervisors…
Met Police and FCA seize 7 illegal crypto ATMs and arrest 2 suspects for operating an unregistered crypto-asset exchange and laundering illicit funds
This enforcement action comes amid the FCA’s continued crackdown on unlawful crypto activities, highlighting that no crypto ATMs are legally registered in the UK. Therese Chambers of the FCA underscored that unregulated machines “support crime,” while Detective Inspector Geoff Donoghue reaffirmed the Met’s commitment to tackling crypto-enabled money laundering…
FCA and ICO highlight how Open Finance and Smart Data can enhance secure data sharing in financial services through strong consent, privacy, and AI safeguards to combat fraud and drive innovation
Key technologies under review include APIs, AI analytics, distributed ledger technology, and digital IDs—all aimed at boosting innovation while safeguarding against financial crime risks. With initiatives like the Smart Data Accelerator and ICO’s Innovation Hub, both regulators aim to balance innovation and trust, ensuring data-driven finance evolves responsibly and transparently…
FCA’s 2025 PEP Guidance refines PEP definitions allowing case-by-case discretion on sign-off and Enhanced Due Diligence (EDD) duration
It emphasises a risk-based, proportionate approach to enhanced due diligence, requiring senior management approval but allowing flexibility in signatories. Firms must promptly update PEP status and ensure clear documentation, training, and compliance oversight, aligning policies with consumer protection principles. This guidance reflects lessons from the FCA’s 2024 PEP review and replaces earlier versions…
FCA and PRA launch consultation on SM&CR reform, aiming to simplify checks, speed approvals, and support growth – have your say by 7 Oct 2025
Proposed changes include extending timelines for senior manager approvals, reducing duplicative certification roles by 15%, and simplifying annual checks to certify individuals as ‘fit and proper’ for their roles. These measures are part of a broader initiative to enhance the competitiveness and efficiency of the UK financial services sector…