Emma RadmoreThe UK has taken over presidency of the Financial Action Task Force (FATF). Giles Thomson – the new president, – succeeds Elisa de Anda Madrazo of Mexico. Thomson also serves as Director for Economic Crime...
Category - Financial Crime Prevention
Laura Wiles
PSR reports fall in payment fraud
The PSR has reported a £73m fall in payment fraud per year, and a fall in APP scams of 35,000 since the mandatory reimbursement requirement took effect. It also says that reimbursement rates are up to 65%, and that...
UK Finance to support voluntary digital verification plan
UK Finance is to support the group of banks and building societies who are driving forward a digital verification service led by financial institutions. The service planned would allow verification through a...
FATF consults on payment transparency guidance
FATF is consulting on guidance on increasing payment transparency. It is proposing guidance to support the revisions to Recommendation 16, to help keep pace with the changing payments landscape. It expects all countries...
FCA censures firm over Wealthtek losses
The FCA has censured CACEIS UK for failing to act on information that meant WealthTek clients were exposed to financial crime risks. The firm will make a voluntary payment of £31.7m to WealthTek clients. The firm, an...
FATF highlights terrorist financing risks of tech
FATF has published a report on key trends and typologies where social media is being abused to finance terrorist activity. The report covers all social media, instant messaging and streaming plaforms, and looks at how...
FSM Bill completes third day
The FSM Bill has completed its third day in the Committee stage in the Lords, and will enter its fourth day on 1 July. At the first session, on 22 June, the Committee discussed several core conduct issues, including:...
FCA confirms engagement with MVF scheme challengers and Tribunal
The FCA has updated its information page for firms on motor finance complaints in order to clarify uncertainties around requirements under the compensation scheme in light of ongoing legal proceedings against it. The...
FCA considers commitments offer from commodity traders involved in competition probe
The FCA has issued a statement in respect of its concerns around 11 traders that it believes may have hindered competition in commodity futures markers and infringed competition law by sharing sensitive information or...
OFSI considers US and UK economic sanctions regimes
HM Treasury and the Office of Financial Sanctions Implementation (OFSI) have published an overview comparing the approaches of the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) and OFSI...
FCA publishes multi-firm review of insurers’ financial crime controls
The FCA has published a multi-firm review considering how firms in the retail, wholesale and life insurance sectors can improve their financial crime systems and controls. The cross-sector findings report the following...
Government responds on AML supervision reform
The Government has published its response to its consultation on reforming the AML/CTF supervisory framework for professional services firms. The FCA will become the registration body and keeper of the register of all...
FCA speaks on financial crime prevention behind the scenes
Therese Chambers has outlined several of the initiatives the FCA takes to deter and prevent financial crime that never make the headlines. She spoke of the importance of the FCA stepping in not only when its actions...
Sanctions designation does not stop possession proceedings
The High Court has granted a lender possession of a property after the borrower failed to repay the loan as a result of becoming a Designated Person. A borrower under a secured mortgage became a Designated Person for...
OFSI imposes record fine on travel tech firm
OFSI has fined Sabre Global Technologies Limited, a travel technology firm, more than £1m for breach of Russian sanctions. It found the firm repeatedly made funds and economic resources available to a designated Russian...
UK Finance says fraud remains national security threat
The latest Annual Fraud Report from UK Finance highlights £1.28bn reported as stolen through payment fraud in 2025 – up 4% from last year. 66% of APP frauds start online and 17% though telecoms networks. UK...
ECCTA report pleased with Companies House improvements
A report into the implementation of parts 1 to 3 of ECCTA says the changes to company registration have delivered tangible benefits. It says nearly 4 million individuals have verified their identity since November 2025...
MLR amendments finalised
The Money Laundering and Terrorist Financing (Amendment) Regulations 2026 were made on 9 June, and in the main take effect at the end of June. Only the provisions relating to crypto-firms take effect later, at various...
Committee stage for FSM Bill to start on 22 June
The Financial Services and Markets Bill had its second reading in the Lords on 8 June and has now been scheduled for the Committee stage starting from 22 June. At second reading, Lord Stockwood introduced the Bill for...
FCA gets confiscation order
The FCA has secured a confiscation order of nearly half a million pounds against Daniel Pugh, who was convicted of Ponzi scheme fraud and is currently in prison. The amount confiscated is the total value of assets the...
FCA and OFSI update MoU
The FCA and OFSI have agreed a new MoU to replace the 2023 version. As usual, the MoU addresses information sharing and cooperation, and permissible uses of information.
Operational resilience group publishes frontier AI guidance
The Cross Market Operational Resilience Group (CMORG) has published its Firm Guidance for Frontier AI, consolidating a range of industry and public authority commentary on frontier AI models. These models –...
Katie SimmondsFCA updates on AML expectations for crypto firms
As part of its series of webinars for firms applying for crypto registration and authorisation, the FCA has published a set of FAQs on its expectations of firms once cryptofirms require full FCA authorisation. Among...
FSM Bill to have second reading
The Financial Services and Markets Bill is scheduled to have its second reading in the House of Lords on 8 June.
JMLSG consults on guidance changes
The JMLSG is consulting on various changes to Part I of its guidance in anticipation of the upcoming changes to the MLRs. The changes affect: para 2.9 in relation to clarifying what “unusually” means; para 5...
FCA pleased with sanctions compliance progress but…
The FCA has been assessing firms’ sanctions systems and controls since early 2022. It latest review has found that firms have made several improvements over time, and now have controls that will often identify...
ex LCF CEO jailed for contempt
Michael Thomson, the former CEO of LCF, has been jailed for 6 months for selling restrained luxury items. His assets are subject to restraint proceedings, and he had already received a suspended sentence for...
Financial Services and Markets Bill starts legislative process
The Financial Services and Markets Bill has been published and has started its parliamentary passage in the House of Lords, where it has had its first reading but the second reading, which is when debate starts, does...
OFSI fines Deutsche Bank London
OFSI has imposed a penalty of £165,000 on Deutsche Bank AG London Branch for breaches of the Russian sanctions regulations. It found that the bank had processed two payments totalling around £635,000 on behalf of a...
FCA speaks on working together to fight financial crime
Nikhil Rathi has delivered a speech about the importance of working together to fight financial crime. He focussed on the need to empower consumers to spot scams and for firms and regulators to work together to prevent...
OFSI updates on changes to regulations
OFSI has notified firms of changes to financial sanctions regulations. The changes involve: changing reporting currencies from euro to sterling; expressing the “high value dealer” and “art market...
Identification doctrine expanding to all criminal offences
The Crime and Policing Act 2026 will expand the identification doctrine from 29 June 2026. s250 of the Act replaces the ECCTA provisions that expanded the doctrine for specific economic crime offences only. Under the...
OFSI celebrates 10th anniversary
OFSI has hosted an international conference on sanctions to celebrate its 10th anniversary. It showcased its ability to bring together a cross-sector group of partners to whom it could set out its strategy. Panels...
SFO hosts international economic crime conference
The SFO, together with the French Parquet National Financier and the Swiss Office of the Attorney General, hosted an international economic crime conference in London. Over 100 investigators and prosecutors from around...
Tech firms urged to help fight fraud
The City of London Corporation is asking tech firms to help it support the development of digital verification services to help financial institutions continue to fight fraud. The digital verification service is...
FCA places restrictions on unregistered lender
The FCA has placed restrictions on a lender that has never been authorised by or registered with it. Kingscrown Finance Limited provides business and investment lending, but was not an Annex I registered firm. The firm...
Insights from FCA’s CDD/EDD review
Read our insight article written for Law 360 on conclusions from the FCA’s review of firms’ policies and procedures on CDD and EDD.
Market Watch looks at using ECCTA to share information
The latest edition of the FCA’s Market Watch looks at how firms can use ECCTA to share customer information to help fight economic crime. The ECCTA provisions apply to all firms subject to the MLRs, and covers a...
FCA leads on action against finfluencers
The FCA has led a second international ‘week of action’ targeting illegal finfluencers. 17 global regulators were involved in the programme, which included enforcement activity, consumer awareness campaigns...
FCA helps disrupt illegal P2P crypto trading
The FCA, using its powers under the MLRs, and working with HMRC and the South West Regional Organised Crime Unit, targeted 8 London premises suspected of illegal peer-to-peer crypto trading. There are no properly...
FCA publishes research on synthetic data and AML
The FCA has published a report summarising the work it has done with the Turing Institute and Plenitude Consulting on generating a synthetic dataset for use in fostering innovation in money laundering detection. The...
OFSI publishes 2026-2029 strategy
OFSI’s strategy for the next 3 years explains how OFSI wants to evolve the way it delivers its three key outcomes of: an enhanced understanding of threats grounded in data; high quality licensing, enforcement and...
OFSI extends deadline on ownership and control call for evidence
The Office of Financial Sanctions Implementation (OFSI) has extended the deadline on its call for evidence on the ownership and control test in UK financial sanctions regulations by one week. The call for evidence now...
FCA updates fake communications list
The FCA has updated its list of fake FCA communications, alerting firms that it has received reports of fake letters claiming to be from its deputy chief, Sarah Pritchard, and referencing a fake FCA employee. The letter...
FCA publishes multi-firm, multi-sector CDD/EDD review
The FCA has published a report following its 2025 review of CDD, EDD and ongoing due diligence controls within a range of asset management, crowdfunding, wholesale banking, CfD and non-bank lending firms. Its high level...
OFSI fines Irish entity for sanctions breach in first settlement case
OSFI has imposed a penalty of £390,000 on an Irish-incorporated subsidiary of Apple, Apple Distribution International Limited, for breach of the sanctions in relation to Russia. ADI had instructed a UK based bank to...
FCA publishes work programme
The FCA has published its work programme for 2026/27 together with its perimeter report. The plans stress the FCA’s drive to be a smarter, more data driven regulator, and include detail on how it will use AI to...
Treasury publishes draft MLR amendments
HM Treasury has published a draft statutory instrument setting out various proposed changes to the MLRs. The changes would take effect on various dates after the Regulations are made. Most changes would take effect...
Payments Association reports on digital platform role in APP fraud
The Payments Association has published a report looking at where liability should sit for APP fraud that begins on digital platforms. It says most fraud begins there, but the liability sits with the payment providers...
FCA launches synthetic data AML solution tech sprint
The FCA is launching a Synthetic Data AML Solution Sprint exploring how synthetic data can support the development of innovative AML transaction monitoring solutions. The sprint aims to: Support innovation in AML...
FCA varies EMI permission over unauthorised crypto business
The FCA has varied the authorisation of Paywiser Limited, an EMI which provides e-wallet payment accounts and debit card services to retail and corporate customers. It found that the firm was providing services to...
FCA warns of Annex I firm risks
The FCA has warned regulated firms about the need to do proper checks when dealing with Annex I firms such as unregulated lenders, safe custody providers, money brokers and financial leasing companies. It reminds firms...
SFO to host International Economic Crime Conference
The Serious Fraud Office is set to host the International Economic Crime Conference in May, alongside France’s Parquet National Financier and Switzerland’s Office of the Attorney General. The three...
Upper Tribunal publishes decision on banned FX trading firm owner
The Upper Tribunal has published its decision refusing to make non-publication orders in respect of the FCA’s decision notices against Kasim Garipoglu and his firm GKPay. Mr Garipoglu argued that the FCA was not...
FCA restricts business of API suspended by HMRC
The FCA has published details of requirements it imposed on Sendsii Limited, a money remitter, on 23 January. HMRC had suspended the firm’s AML registration in October 2025 for a period of 6 months, and as a...
Home Office calls for evidence on economic crime information sharing
The Home Office is asking for views on how data and information is currently being shared for economic crime prevention, detection and investigation. It wants to understand what barriers to effective information sharing...
Government publishes 2026-2029 Fraud Strategy
The Government has published its Fraud Strategy for 2026 to 2029. The strategy has 3 pillars – disrupting, safeguarding and responding. As part of the strategy, there will be a new Online Crime Centre and Report...
FCA speaks on payment supervision consolidation
David Geale, PSR managing director and FCA director for payment and digital finance, spoke on the impact of consolidating the PSR into the FCA, and how this can help a more joined-up approach. Firms will no longer have...
OPBAS report says “room for improvement”
The latest OPBAS report on how professional body supervisors monitor AML compliance within their regulated communities says that effectiveness of supervision is better now than at any time since 2018 but the enforcement...
Property lender Market Financial Solutions enters into administration amid fraud allegations
Market Financial Solutions Limited (MFS), one of the UK’s leading specialist property finance lenders, has been placed into administration. The High Court decision comes amid claims of serious financial...
Amy GallimoreTreasury publishes guidance on digital identity verification services
HM Treasury has published guidance on using digital identities with the MLRs. Entities covered by the MLRs must have customer due diligence (CDD) measures in place to verify the identity of their customers and...
SFO appoints interim director
The Serious Fraud Office has appointed Graham McNulty as interim director. His appointment takes effect at the start of April.
McNulty joined the SFO in September 2024 as Chief Operating Officer.
Treasury updates high risk jurisdiction list
HM Treasury has published its updated list of high-risk third countries, following the February FATF meeting. The full list is now: • Algeria • Angola • Bolivia • British Virgin Islands • Bulgaria • Cameroon • Côte...
FCA cancels another payments registration
The FCA has cancelled the registration of another payments firm. Stallion Money Limited, an API, had had its HMRC registration cancelled in 2020 and not renewed it, nor had it provided payment services since late 2020...
FATF publishes annual report
The FATF annual report for 2024-5 highlights: the finalisation of the changes to Recommendation 16 on international requirements for payment transparency and strengthening of recommendation 1 on the risk-based approach;...
FSB launches strategic review of crisis preparedness
The FSB has launched a strategic review of crisis preparedness activities. The review aims to: Strengthen and, where necessary, adapt the FSB’s crisis preparedness activities to respond to vulnerabilities in the global...
PSR fines Bank of Ireland UK £3.7m for Confirmation of Payee failures
The PSR has fined the Bank of Ireland UK approximately £3.7m for implementing Confirmation of Payee requests over a year after the deadline. The safeguard was not applied to transactions involving more than 1.1m new...
FCA updates on STORs and market observations
The FCA has updated its figures of STORs and market observations it as received. In 2025, it received 3,806 STORs, mainly relating to insider dealing in equities and reasonably evenly spread throughout the year; 302...
FATF updates high list jurisdictions list
FATF has updated its list of jurisdictions subject to countermeasures and those subject to increased monitoring. North Korea and Iran remain on the countermeasures list, and enhanced due diligence should be applied in...
OFSI calls for evidence on ownership and control test
OFSI is calling for evidence on how financial sanctions regulations on ownership and control are applied, including how firms implement the rules and what challenges they face. Firms and stakeholders are asked to share...
Treasury seeks views for FATF evaluation
HM Treasury is asking firms for views that will support: the upcoming FATF Mutual Evaluation later this year; and the UK’s plans to update the Proliferation Financing NRA. It’s asking firms to respond by 31...
FCDO updates sanctions search guide
The FCDO has updated its user guide on the UK Sanctions List search tool. It sets out how to find individuals, entities and ships subject to UK sanctions, and refers to the OFSI guidance on financial sanctions.
OFSI updates financial sanctions enforcement guidance
OFSI has updated its guidance on assessment and monetary penalties in financial sanctions enforcement, in line with the outcome of last year’s consultation. The guidance covers: OFSI’s enforcement approach;...
JMLSG updates guidance
The JMLSG has published revisions to its guidance following consultation. The changes, which have been submitted to HM Treasury for approval, are to: Chapter 6 of Part 1 in respect of data protection and subject access...
PSR publishes APP dashboard Q3 2025
The PSR has published the APP scams reimbursement dashboard updated for Q3 2025. The stats show that reimbursement rates are still high, and indeed slightly increased from the previous quarter. The proportion of claims...
Criminal Cases Review Commission refers trader convictions back to Court of Appeal
The Criminal Cases Review Commission (CCRC) has referred the convictions of five traders back to the Court of Appeal after determining that there was ‘no distinguishing factor’ between those cases and two...
Bank penalised for sanctions breach
OFSI has imposed a penalty of £160,000 on Bank of Scotland plc for breaches of the Russian sanctions restrictions. During February 2023 the bank processed 24 payments totalling around £77,000 (£76,000 credited and the...
Ex-LCF CEO in contempt of court
The SFO has announced that Michael Thomson, former CEO of LCF, and his wife have each been held in contempt of court after admitting several breaches of a restraint order. The restraint proceedings were imposed as part...
Treasury confirms changes to OFSI enforcement process
HM Treasury has published OFSI’s response to its 2025 consultation on improving civil enforcement processes for financial sanctions. The consultation considered measures such as: Changes to the public case...
UK Sanctions List becomes sole source of UK sanctions designations
As of 28 January 2026, the UK Sanctions List is now the sole source of UK sanctions designations, with the OFSI Consolidated List of Asset Freeze Targets now closed. The Government has also published guidance on...
OFSI and partners crack down on cryptoasset abuse
The Office of Financial Sanctions Implementation (OFSI) and its UK law enforcement and regulatory partners have clamped down on the abuse of cryptoassets. OFSI has recently partnered with the Crypto Cash Fusion Cell...
FCA publishes inaugural Enforcement Watch
The FCA has published the first iteration of its Enforcement Watch newsletter, covering implementation of its updated Enforcement Guide, enforcement case priorities, and international partnerships. As a reminder, under...
90% of mortgage lending now covered by UK Finance Financial Abuse Code
UK Finance has confirmed that 90% of mortgage lending is now covered by its Financial Abuse Code. The development comes after several institutions – including Coventry Building Society and Monzo – have...
SFO Director retires mid-term
Nick Ephgrave, Director of the SFO, is to retire at the end of March – half way through his 5 year post. The SFO will appoint an interim director before starting a formal recruitment process for his successor. Mr...
SFO secures director convictions in £70m tree planting investment scheme fraud
The Serious Fraud Office has secured three convictions of former Ethical Forestry Limited directors, all of whom pleaded guilty in relation to a £70m investment scheme fraud. The directors had defrauded around 3000 UK...
FCA gets confiscation order for lending platform fraudster
The FCA has obtained a confiscation order for over £250,000 against Andrew Currie, who was convicted of defrauding investors through the now-collapsed peer-to-peer lending platform, Collateral (UK) Ltd. The amount is...
Report looks at global norms for AI in financial services
A report by the International Regulatory Strategy Group has looked at consistency and disparities between emerging norms in the use of AI in financial services. Generally, it found that there is broad alignment on high...
Sheilah MackieHMRC updates AML risk guidance for accountancy service providers
HMRC has updated its risk assessment and guidance for accountancy service providers within its supervisory remit. HMRC notes that: the 2025 NRA assessed ASP services as high risk for money laundering – noting that...
HMRC confirms Economic Crime Levy changes
HMRC has confirmed an increase in the Economic Crime Levy taking effect from the financial year beginning April 2026 onwards. The previous “large” band is not to be split into 2, creating a new set of...
HMRC updates on MLR non-compliance
HMRC has updated its website with details of businesses against which it has recently taken action for breach of MLRs. In the period from October 2024 – March 2025, there have been many fines, including: on a...
Government updates single sanctions list guidance
The FCDO, HM Treasury and OFSI guidance on preparing for the UK Sanctions List that will be the only source of UK sanctions designations from 28 January has been updated. There is now a new checklist section, and a...
Court rejects challenge to OFSI licence
The Administrative Court has rejected a challenge of a general licence OFSI issued to allow the distribution of assets from VTB Capital plc’s estate while its assets were frozen. PJSC VTB Bank (VTBB), the...
FCA removes contactless limit requirement
The FCA has gone ahead with its plans to remove the contactless limit requirement, so that in future providers and consumers will be able to set higher limits or turn off contactless limits all together, with the result...
Insolvency Service announces combined 23 year director disqualifications
The Insolvency Service has confirmed that two business partners have been disqualified from acting as directors after allowing £13.9m to pass through two companies using unauthorised bank overdrafts. Scott Dylan –...
FCA launches investigation into WH Smith
The FCA has opened an investigation into WH Smith PLC in relation to potential breaches of the UK Listing Principles and Rules, and Disclosure and Transparency Rules. The announcement comes after an independent review...
CPS announces fund manager fraud conviction
The CPS has secured conviction of three fund managers for fraud by abuse of position of trust. The 3 individuals had worked together to defraud a hedge fund and sovereign wealth fund which belonged to the people of...
FCA publishes highlights from Leeds Growth Sprint
The FCA has published the highlights from an event it held in Leeds in late October, in which the Chancellor and the FCA discussed various growth initiatives, such as the concierge, scale-up and PAS services, and...
FCA closes investigation into Mirabella Advisors, principal of Greensill Capital
The FCA has announced the closure of its investigation into Mirabella Advisors LLP. The FCA had launched an investigation into the firm in 2021 in relation to the oversight of Greensill Capital Securities Limited, the...
APPG on Investment Fraud and Fairer Financial Services holds general meeting and elects new officers
The All-Party Parliamentary Group (APPG) on Investment Fraud and Fairer Financial Services has held its annual general meeting, which outlined its continued focus on protecting consumer interests and addressing the...
FCA fines Nationwide for financial crime control failings
The FCA has imposed yet another large fine for poor financial crime prevention systems and controls. This time, Nationwide Building Society has been fined £44m for failings between late 2016 and mid-2021. The FCA found...
Regulators update Regulatory Initiatives Grid
The latest edition of the Regulatory Initiatives Grid updates on timelines for 124 live initiatives across the 9 organisations covered by the grid. The press release heralding the publication highlights the themes of:...
Regulators set out 2026 growth measures
The FCA has written to the Prime Minister setting out its growth measures planned for 2026. The ambitious package highlights that the FCA has met nearly all of the 50 commitments it promised to do this year, and that...