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

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

A line of white dominoes falling towards a stack of coins, which stops the domino effect on a light blue background.

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 

Close-up of stacked, colourful folders with documents, highlighting efficient organisation and storage solutions.

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? 

A hand holding a small model house on top of a stack of coins.

Register of Overseas Entities Reaches 30,000 Entries 

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.

A close-up of a person holding a pen.

National Audit Office Publishes Report into FCA

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.

A person holding a clipboard and pen.

AML Compliance Audits: What to Expect

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.