FIN.

Category - Financial Crime Prevention

FCA publishes work programme 2025-6

The FCA has published its work programme for 2025-26, which builds on the 4 priority areas in its 5 year plan. Specific initiatives additional to those set out in the 5 year plan (which we summarised in this article)...

NCA publishes annual SARs report

The NCA has published its annual report on suspicious activity reports (SARs), covering April 2023 – March 2024. The report shows a 1.5% increase in the total number of SARs (872,048) compared to the previous year...

FCA publishes 5 year strategy

The FCA has launched its much-trailed 5 year strategy. It will focus on 4 priorities: being a smarter regulator; supporting sustained economic growth; helping consumers to navigate their financial lives; and fighting...

FCA refuses crypto-application on harm basis

The FCA has published its decision notice explaining why it has refused the application of Zeux Limited for registration as a crypto firm under the MLRs. The firm submitted its application in 2022. The FCA decided that...

Chancellor unveils more red tape cutting

The Chancellor has unveiled more detail of the plans to cut the administrative cost of regulation on business, at a meeting attended by, among others, the PRA, FCA and ICO. The plans are wide ranging across all areas of...

More ECCTA provisions take effect

The 4th Commencement Order for the Economic Crime and Corporate Transparency Act 2023 brings into force: on 18 March, the remainder of the provisions on the procedure for verifying identity, authorisation of corporate...

FCA consults on removing contactless limit

The FCA is asking for views on whether it would be a good thing to remove the contactless limit, and has published an “engagement paper” to seek views.  The suggestion is all part of the work to support...

OFSI updates sanctions FAQs

OFSI has updated its UK financial sanctions FAQs with 13 new questions about what “relevant firms” need to do to comply with their reporting obligations. The questions include answers on how the obligations...

PSR updates on scam data publication plans

The PSR has outlined how it plans to publish APP scam data for 2024. Before the mandatory reimbursement requirement came into force in October, it published data annually. For the last cycle of 2024, it is planning to...

FATF consults on Recommendation 16

The FATF has published a second consultation on changes to Recommendation 16 on payment transparency and the related guidance and glossary terms. It needs to make the update to adapt the standard to changes in payment...

John Dance trial date set

John Dance, the former principal partner in the WealthTek LLP was charged in December 2024 with alleged misappropriation of customer funds totalling around £64m between 2014 and 2023. The trial date has now been listed...

FATF plenary outcomes

At the February FATF plenary meeting, it: updated the list of high risk jurisdictions, to add Lao People’s Democratic Republic and Nepal, and remove the Philippines from increased monitoring; agreed changes to its...

Wolfsberg Group publishes digital asset FAQs

The Wolfsberg Group has published a set of FAQs on how members conceive of and conceptualise key terms associated with digital assets. It says the guide will be a reference point for its future work on the risks of and...

FCA fines Mako in cum-ex trading investigations

The FCA has fined Mako Financial Markets Partnership LLP £1,662,700 for financial crime systems and controls failures. The firm had also failed to adequately apply policies and procedures it did have in place. The case...

FCA updates crypto-registration stats

The FCA received 2 new applications from crypto firms for registration under the MLRs in the past month.  It also registered one firm, bringing the total registered since January 2020 to 50 – still only 14% of...

UK Finance publishes FTP fraud guidance

UK Finance has published guidance for the financial services sector on the failure to prevent fraud offence, which takes effect in September. The guidance cannot have statutory force or Government blessing, as the ECCTA...

JMLSG consults on Part 1 amendments

The JMLSG is consulting on changes to various parts of Part 1 of its guidance. The changes relate to: in chapter 5 new provisions on local authorities and professional deputies appointed by the Court of Protection or...

OFSI and OFAC sign sanctions MoU

OFSI and OFAC have entered into a MoU (signed in October 2024) to help exchange of information and cooperation between the two bodies in administering and enforcing financial sanctions. The MoU sets out the desire for...

OFSI and OFAC sign MoU

HMT has published a MoU between the Office of Financial Sanctions Implementation (OFSI) and the United States Office of Foreign Assets Control (OFAC), to facilitate the exchange of information between the organisations...

1 crypto registration approved last month

The FCA has updated its statistics on applications by crypto firms for registration under the MLRs. The latest stats show that 1 firm succeeded in becoming registered last month, while 2 applications were withdrawn...

Regulators publish cyber findings for 2024

The BoE, PRA and FCA have published their latest annual CBEST thematic report. The report assesses the cyber resilience of key financial institutions through security testing performed in ‘live’ corporate...

FCA charges former WealthTek partner

The FCA has brought criminal charges against John Dance, the principal partner at WealthTek LLP, in relation to 9 criminal offences, including multiple counts of fraud and money laundering. WealthTek, then known as...

FCA updates Financial Crime Guide

Following a consultation, the FCA has made changes to its Financial Crime Guide. The changes cover the following areas: The FCA conducted extensive assessments of firms’ sanctions systems and controls following...

FOS notes huge increase in complaints

The latest figures from the FOS show complaints have increased by over 50%, with record increases in complaints about frauds and scams, current accounts and credit cards. The FOS also noted in particular an increasing...

FCA publishes research on crypto ownership

The latest FCA research on consumer attitudes and behaviours toward cryptoassets, 12% of UK adults now own crypto, up from 10% in previous findings. Other key findings included: Awareness of crypto rose from 91 to 93%...

Tribunal disagrees with FCA on fine amount

The FCA had found Arian Financial LLP had breached Principles 2 and 3 in respect of failings in its financial crime prevention systems and controls in relation to business introduced by the now infamous “Solo...

Treasury updates money laundering advisory

HM Treasury has updated its money laundering advisory notice in relation to high risk third countries. The update follows the FATF meeting on 25 October and reflects the list agreed (and which took effect) then.

FCA updates market cleanliness measures

The FCA has revised its methodology for its market cleanliness statistic, to make it more accurate. Going forwards it will be able to detect abnormal price movements that happen on the same day as an announcement, use a...

FCA reacts to Mansion House speech

The FCA has reacted to several announcements from the Mansion House speech. It has reiterated that it is committed to supporting growth and says it has fully embraced its secondary international competitiveness and...

OFSI updates sanctions FAQs

OFSI has updated its FAQs on financial sanctions. The main newly featured question addresses whether overseas subsidiaries of UK entities are expected to comply with UK sanctions – the answer being that the...

FCA updates crypto registration stats

The FCA’s monthly update of its statistics on applications for registration under the MLRs for cryptoasset firms shows that in the past month it has received 1 application, rejected 1, and 1 has been withdrawn. ...

CoP takes wider effect

From 31 October, the expanded roll out of Confirmation of Payee now means that 99% of all transactions made through Faster Payments and CHAPs are within scope, as the PSR’s SD17 took effect. The initial grouping...

FATF holds October plenary

Key highlights from FATF’s October plenary meeting are: approval of the last 2 reports of the fourth assessment cycle; removal of Senegal from the high-risk monitoring list and addition of Algeria, Angola, Cote...

FCA publishes Q3 fin proms data

The FCA has published its financial promotions data for Q3 2024 on its actions against firms breaching financial promotion rules, and referrals and investigations into unregulated activity. During the period: 10,593...

FCA targets illegal finfluencers

The FCA is interviewing 20 “finfluencers” under caution in a targeted action against social media account holders which may be promoting financial services products illegally. It has also issued 38 alerts...

OFSI updates guidance

OFSI has updated its guidance on counter-terrorism sanctions. The guidance reflects recent updates to secondary legislation made under SAMLA (most recently the June update in relation to the director disqualification...

FATF updates grey list criteria

The FATF has updated the criteria for its “grey list“, which sets out jurisdictions under increased monitoring who are working with the FATF to address with agreed timeframes the strategic deficiencies in...

Market Watch focuses on SYSC 6 and UBOs

The latest edition of Market Watch looks at how firms can ensure compliance with SYSC 6.1.1R when dealing for overseas clients who operate aggregated accounts that provide no visibility of the UBOs. Firms will often...

FCA updates on crypto applications

During the month to 1 October 2024, the FCA received 4 new applications from firms seeking to register as crypto firms under the MLRs, making a total of 364 since January 2020. It registered one firm during the period...

ECCTA guidance on AML information sharing

The Department for Business and Trade has published guidance on the information sharing measures under the ECCTA 2023 for use by AML regulated firms. The guidance aims to help firms ensure that when they share...

OPBAS calls for MLR supervision improvement

OPBAS says while most of the Professional Body Supervisors are complying with money laundering regulation, they are not consistently and effectively supervising their regulated communities. It says none of them are...

FCA speaks on fraud prevention

Andrea Bowe of the FCA has spoken on what the FCA is doing to help reduce financial crime and its key role in the implementation of the Government’s Economic Crime Plan. She spoke of the equal importance of...