AML and Compliance

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

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

Graphic depicting environmental pollution with scattered trash, overlaid by a news headline about the environment agency launching an economic crime unit.

Environment Agency Launches Economic Crime Unit

The UK government has introduced a new unit within the Environment Agency to tackle money laundering and other criminal activity in the country’s waste sector. The Economic Crime Unit will be tasked with investigating money laundering offences and other financial crimes in a bid to drive out criminals operating in the industry. Waste crime is thought to cost the UK economy around £1 billion annually and has been described as a “blight” on the community.… Read More »Environment Agency Launches Economic Crime Unit

Two professionals at a table with documents, one holding a pen, with a digital device displaying news about fca proposing new rules for access to cash.

FCA Proposes New Rules for Access to Cash

The Financial Conduct Authority (FCA) has set out its plans for a new regulatory regime for businesses involved in the supply of cash access services and operation of cash access facilities in England and Wales to ensure consumers can maintain access to cash. Under the FCA’s plans, designated banks and building societies, the Post Office, and operators of payment systems through which cashback is provided would be required to assess and fill gaps in cash… Read More »FCA Proposes New Rules for Access to Cash

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How the Economic Crime Act Will Affect Accountants in March 2024 

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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What is Enhanced Due Diligence? 

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?