Heralded as a landmark piece of legislation, the Economic Crime and Corporate Transparency Act received Royal Assent on 26 October 2023. The Act aims to combat money laundering in the UK by empowering Companies House to play a more significant role in tackling economic crime and supporting economic growth. It addresses the issue of businesses being established under fictitious identities and hopes to improve transparency by including more accurate and trusted information on Companies House… Read More »How the Economic Crime Act Will Affect Accountants in March 2024
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Enhanced due diligence (EDD) is a set of additional checks regulated firms must undertake as part of their Anti-Money Laundering (AML) requirements if a customer is identified as high-risk. Effective due diligence can prevent financial crime and help minimise the risk that could arise from doing business with certain customers. In this article, we answer some frequently asked questions about enhanced due diligence. What is enhanced due diligence (EDD)? Enhanced due diligence (EDD) is an… Read More »What is Enhanced Due Diligence?
The UK’s Register of Overseas Entities (ROE) has received more than 30,000 registrations since its inception, the government has revealed.
The Register, which is administered by Companies House, came into force in the UK on 1 August 2022, following Russia’s invasion of Ukraine, and was established to increase transparency in the ownership of overseas entities that own UK land.
The UK’s independent public spending watchdog, the National Audit Office (NAO), has published its report into the effectiveness of the Financial Conduct Authority (FCA) amid concerns about the financial regulator’s ability to manage a growing list of responsibilities.
Industry regulator the Financial Conduct Authority (FCA) has launched a checklist to help protect consumers from loan fee fraud and other financial scams over the festive season.
The General Data Protection Regulation (GDPR) is a law that governs how organisations process personal data.
It is a regulatory requirement for most businesses operating in the regulated sector to carry out an ‘Independent Audit of Anti-Money Laundering (AML) Policies, Controls and Procedures’ to comply with Regulation 21 of the Money Laundering Regulations 2017.
Identity fraud is now one of the biggest fraud threats to the UK public, with cases soaring by nearly a quarter over the last year, recent figures show.
Countries across the world are showing an increased drive to clamp down on financial crimes. Fraud and money laundering are international problems, and a global response is required to combat them effectively.
The Economic Crime and Corporate Transparency Act received Royal Assent on 26 October 2023. The new act contains laws to “fight fraud, counter corruption and bolster legitimate business”.