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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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FCA reports that synthetic data can enhance AML innovation and collaboration by enabling safer data sharing and more effective testing of financial crime detection models

May 10, 2026

The project assessed how synthetic datasets could support the development and validation of AML tools without exposing sensitive customer information, helping firms overcome barriers linked to privacy, confidentiality, and restricted access to real transaction data. Findings also highlight limitations relating to data fidelity, model bias, and governance, with the report recommending continued industry collaboration and technical development to ensure synthetic data remains reliable and effective for AML/CFT applications.

FCA secures a further 499-day jail term for convicted money launderer after he failed to repay a £529,961 confiscation order linked to £2.5M in fraud proceeds, ensuring he remains liable for victim losses

May 8, 2026

In 2021, Richard was originally sentenced to 5 years and 10 months in prison after the FCA successfully prosecuted him for laundering around £2.5 million. He was part of a transnational organised crime group that facilitated proceeds from at least seven overseas investment (“boiler room”) frauds, where victims were misled into fake or high-risk investments. Despite being released from custody in June 2025, Faithfull had only repaid £349,214.37 of the court-ordered amount….

CoLP reports UK victims lost over £102M to romance fraud last year, with cases rising 29% to 10,784 as criminals increasingly used online platforms and AI to build fake relationships and extract money

May 5, 2026

The data shows criminals are increasingly exploiting online relationships through dating platforms, social media, and messaging apps, where they carefully build emotional trust over weeks or even months before requesting money. These scams often involve fabricated stories such as medical emergencies, travel costs, or fake investment opportunities, including a growing link to cryptocurrency-related frauds. Authorities note that offenders are becoming more sophisticated, increasingly using AI-generated images, fake identities…

FCA opens Pre-application support service for crypto firms ahead of the UK’s new FSMA crypto regime, with authorisation applications launching on 30 Sept 2026 before full implementation in Oct 2027

April 30, 2026

From 11 May 2026, firms planning to carry out regulated crypto activities will be able to request free pre-application meetings with the FCA to discuss their business models, regulatory expectations, compliance requirements, and authorisation process before formally applying. The move forms part of the UK’s broader effort to bring crypto firms under a more comprehensive financial regulatory framework aimed at strengthening consumer protection, market integrity, financial crime controls, and oversight of the rapidly growing crypto sector…

FCA issues ‘Handbook Notice 140’, introducing key updates including a simplified short selling regime, wider reforms to SMCR, listing rules, fees, and compensation schemes to streamline UK regulation

April 24, 2026

Key changes include the introduction of a standalone UK Short Selling Rules Sourcebook, replacing retained EU provisions with a simpler and more proportionate regime, alongside adjustments to SMCR-related requirements, listing rules, fees, and compensation arrangements. The updates also contain technical and consequential amendments across multiple modules of the Handbook, aimed at improving consistency, removing outdated EU-derived references, and reducing unnecessary complexity…

FCA publishes Cyber Coordination Group insights 2025, highlighting key lessons on strengthening cyber resilience, incident response, managing emerging technology and FC risks 

April 24, 2026

It highlights how firms can better prepare for and respond to cyber threats through more effective incident response and recovery, stronger governance and senior management oversight, improved coordination with third parties, and enhanced testing and scenario planning; it also draws attention to emerging risks such as AI, quantum computing and insider threats, while promoting good practice in identity and access management, threat detection, and operational readiness, with the overall aim of helping firms manage increasingly complex cyber…

FCA spearheaded a global crackdown with 17 regulators on illegal “finfluencers,”targeting unauthorised promotions reaching millions through coordinated enforcement and takedowns

April 24, 2026

FCA led a global crackdown involving 17 regulators to tackle illegal “finfluencers” promoting unauthorised financial products, combining enforcement actions, account takedowns, and consumer awareness efforts; in the UK, this included securing a guilty plea, launching further criminal proceedings, issuing warnings, and removing over 1,200 illegal financial adverts reaching millions, while calling on social media platforms to take greater responsibility in preventing the spread of harmful financial promotions…

FCA and PRA confirm reforms to streamline the Senior Managers & Certification Regime, reducing compliance burden and boosting flexibility while maintaining strong accountability to support growth

April 22, 2026

The changes make it easier for firms to comply by increasing flexibility, simplifying processes and reducing administrative costs, forming part of a broader government-led programme to cut regulatory complexity and improve competitiveness. While preserving the core principle of senior-manager accountability, the reforms include measures such as streamlined approval processes, clearer role definitions and potential future reductions in the number of roles requiring regulatory pre-approval, with further simplification planned in subsequent phases.

HMT confirms it will proceed with targeted legislative reforms to the SM&CR following consultation, aiming to simplify requirements while preserving core accountability

April 22, 2026

The response indicates broad support for reform and confirms plans to introduce more proportionate and flexible requirements, including simplifying responsibilities, reducing duplication and enabling regulators to streamline approval and reporting processes. It also signals that legislation will be brought forward to implement these changes, with further detail to follow in secondary legislation and regulator rulemaking, forming part of a wider programme to reduce administrative burden and support competitiveness in the UK financial sector.

FCA leads its first crackdown on illegal peer-to-peer crypto trading, targeting unregistered operators across London in a coordinated effort to disrupt activity linked to ML and wider FC risks

April 22, 2026

The action underscores the FCA’s growing focus on unregistered crypto activity as a significant financial crime risk—particularly as peer-to-peer trading can enable money laundering by bypassing regulated exchanges—and reinforces its broader enforcement strategy, which includes prior actions against illegal crypto ATMs and exchanges, while warning consumers to use only FCA-registered firms and highlighting continued collaboration with domestic and international partners to combat illicit finance…

The Isle of Man’s 2025 Terrorist Financing Assessment shows a medium-low risk, primarily from cross-border activity, with robust AML/CFT controls effectively containing exposure

April 20, 2026

The assessment analyses how terrorist financing risks arise from both domestic and international factors, including the Island’s role as an international financial centre and the potential misuse of legal entities, financial services, and cross-border flows. Findings support prioritisation of resources, improved data and intelligence sharing, and enhanced controls across higher-risk sectors to strengthen the effectiveness of the AML/CFT regime…

PRA’s Business Plan 2026/27 sets out a risk-based agenda to strengthen resilience, enhance oversight of emerging risks, and reinforce data-driven supervision and FC controls while supporting growth

April 17, 2026

It also strengthens expectations around operational resilience, including enhanced reporting of incidents and third-party dependencies, while advancing work on AI, cryptoassets, and data-driven supervision through streamlined reporting and improved analytics, alongside reforms to accountability frameworks such as the Senior Managers & Certification Regime, ultimately reinforcing the need for firms to maintain strong financial crime controls, high-quality data, and proportionate risk management as regulation evolves to support growth and innovation…

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