News and Blogs

A man holding a credit card and smartphone with a computer screen in the background displaying news about a uk e-money company shutting down due to aml concerns.

UK E-Money Giant Shuts Down Following AML Concerns

Prominent UK-based electronic money company Transactive Systems Ltd will cease operations after a decision by regulators to revoke its licence amid rising concerns over money laundering. The move comes after a rigorous investigation over the past few years by regulatory bodies into the firm’s anti-money laundering (AML) practices. Last year, the Bank of Lithuania, which had granted subsidiary company Transactive Systems UAB its operating licence, fined the payments firm €280,000 and revoked its licence for… Read More »UK E-Money Giant Shuts Down Following AML Concerns

Skilled Staff is Key to Effective AML Compliance

Finding experienced staff is the most important factor for effective anti-money laundering (AML) compliance, a new report has found. According to PwC’s EMEA AML Survey 2024, 28% of respondents indicated that highly qualified people are the most effective AML control. Without experienced staff, carrying out day-to-day processes and updating technologies and AML methodologies would be extremely difficult and may not provide the right output and quality, respondents believed. PwC’s ‘AML Survey 2024: Spotlight on Effectiveness’… Read More »Skilled Staff is Key to Effective AML Compliance

AML Compliance Costs UK Banks £34bn Annually

Complying with anti-money laundering (AML) regulations is costing UK banks £34bn every year, a new report from the Institute of Economic Affairs has found. However, despite the figure being almost double the total budget for policing across the United Kingdom, there is no evidence that the rules reduce crime, says the study. Instead, the UK’s increasingly stringent anti-money laundering (AML) regulations are forcing banks to close accounts of innocent customers, according to the report’s author… Read More »AML Compliance Costs UK Banks £34bn Annually

New Powers for Companies House Over Company Names

Companies House has strengthened its powers to challenge or change company names it considers false or misleading under new measures granted by the Economic Crime and Corporate Transparency Act. The new rules, which came into force on 4 March 2024, allow Companies House to run stronger checks on company names that are considered to give a false or misleading impression to the public. The executive agency can also now reject an application to register a… Read More »New Powers for Companies House Over Company Names

Estate Agents Hit With £1.6m AML Fines

More than 250 estate agency firms have been fined in excess of £1.6m for anti-money laundering (AML) breaches, according to a report by online membership organisation Propertymark. HMRC has imposed the fines for a variety of non-compliance issues, including failure to register their business, missing documentation, incomplete due diligence, and failure to recognise specific risks, such as Politically Exposed Persons, high-risk jurisdictions, companies, trusts and sanctions. Financial penalties handed to firms range from £1,500 to… Read More »Estate Agents Hit With £1.6m AML Fines

An elderly couple explores financial news regarding retirement income on a laptop, with a sense of focus and interest in their living room.

Check Retirement Income Support Processes, FCA Tells Financial Advisers

The Financial Conduct Authority (FCA) has urged financial advisers to review their processes when providing retirement income advice after finding that some firms are failing to take account of the needs of their customers. In a letter to the chief executive officers of financial advice firms (published 20 March 2023), Lucy Castledine, Director for Consumer Investments at the FCA, asks financial advisers to ensure their advice process complies with FCA requirements on information collection, suitability… Read More »Check Retirement Income Support Processes, FCA Tells Financial Advisers

A close-up image of british pound notes under a news headline that reads "uk cracks down on money mules," featured on a document with a logo of aml & compliance.

UK Cracks Down on Money Mules

The UK government has launched its biggest-ever crackdown on money mules by unveiling a 22-point plan to disrupt money mule activity in the country and support exploited victims. The Action Plan contains widespread reforms that will affect the government, law enforcement, industry regulators and other relevant parties to encourage collaboration and joint working to identify complicit mules through intelligence sharing. A newly funded post will also be created at The Children’s Society to raise awareness… Read More »UK Cracks Down on Money Mules

Two professionals working at a table with papers and digital devices, with an overlay showing a news headline about accountants being fined for aml breaches.

Accountants Fined Almost £100,000 In AML Breaches

Accountancy firms and tax advisers have been hit with fines totalling £98,870 for breaches of anti-money laundering (AML) regulations between 1 April 2023 to 30 September 2023, according to latest figures released by HMRC. HMRC’s report on businesses (published 28 March 2024) showed that 21 accountancy firms received a combined total of £78,870 in penalties for failure to comply with AML rules in the six-month period last year, with a further six tax advisers receiving… Read More »Accountants Fined Almost £100,000 In AML Breaches

A news graphic overlay on an image of an elegant, historical building with a clear blue sky, announcing the uk treasury's launch of a consultation into money laundering regulations.

UK Treasury Launches Consultation into Money Laundering Regulations

HM Treasury has published a consultation into the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the Money Laundering Regulations), which impose various obligations on a range of businesses to identify and prevent money laundering and terrorist financing. The consultation was launched on 11 March 2024 and covers four key themes: The latest consultation, ‘Improving the Effectiveness of the Money Laundering Regulations’, builds on the findings… Read More »UK Treasury Launches Consultation into Money Laundering Regulations

Headline about a fine art money laundering scam over a background of used paintbrushes on a wooden surface, conveying a theme related to art and crime.

Men Jailed in £2.6m Fine Art Money Laundering Scam

Two men who made millions from selling fake paintings to vulnerable and elderly victims have been jailed following a six-year money laundering investigation. Behrad Kazemi and Raj Nasta were sentenced at the end of March to a combined seven years’ imprisonment for their role in selling fake art. The investigation began in April 2018 when Sussex Police received fraud reports from several people who had been cold called by an asset management firm, who advised… Read More »Men Jailed in £2.6m Fine Art Money Laundering Scam