money laundering

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

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

AML (Anti Money Laundering) and Compliance

Crypto Financial Institutions Urged to Take AML Compliance Seriously 

A financial crime report issued by Fenergo – a leading provider of digital solutions for client lifecycle management (CLM) – features annual figures on global financial institution penalties. The report covered enforcement actions for non-compliance with a range of regulations and shows that anti-money laundering fines globally surged by 53 per cent in 2022, and those for crypto fines rose by over 90 per cent. Regulators globally have been making it explicitly clear that they… Read More »Crypto Financial Institutions Urged to Take AML Compliance Seriously 

AML (Anti Money Laundering) and Compliance

Manager Faces Personal Penalties After AML Breach

If you are concerned that your current AML policy is out of date, not robust enough, or you simply want to review your processes and adequately train your staff, please get in contact with our team of experts that have years of experience in this field.