UK-based bookmaker Betfred has been ordered to pay £3.25 million by industry regulator the Gambling Commission for failings in its anti-money laundering (AML) and social responsibility controls.
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Fines for non-compliance with AML regulations for real estate agents have risen rapidly over the past 12 months, recent research shows.
HM Treasury is considering introducing a single state regulator to oversee the UK’s anti-money laundering and CTF responsibilities.
UK independent public spending watchdog, the National Audit Office (NAO), has launched an enquiry into the FCA’s effectiveness.
Companies House has published details of its enforcement powers for the Register of Overseas Entities and penalties for failure to comply.
New legislation introduces a series of AML requirements for regulated firms and trusts that fall within the scope of discrepancy reporting.
A proposed addition to the identification doctrine in the Economic Crime and Transparency Bill could see more companies facing prosecution.
Jeremy Hunt has backed calls to relax money laundering rules around PEPs after being refused a bank account by Monzo.
The UK has strict Anti-Money Laundering (AML) regulations in place, and sanctions for non-compliance are high.
Money laundering is a financial crime. It involves taking proceeds that have been obtained from a criminal source (also known as ‘dirty money’) and disguising its origins so that it appears to have been acquired legitimately.