Professional Body Supervisors (PBSs) who oversee anti-money laundering (AML) regulations and compliance in the legal and accountancy sectors are falling short of their obligations, a new study has found. The report by the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) found that there remains a “lack of full and consistent effectiveness across the PBSs… Read More »UK AML Supervisors Lacking Effectiveness The post UK AML Supervisors Lacking Effectiveness appeared first on AML And Compliance ..read more

Around £100bn in criminal cash is laundered each year through the UK, making it one of the world’s main hubs for money laundering, a new report has revealed. The National Economic Crime Centre’s (NECC) Annual Report for 2023–2024, published on 11 September 2024, estimates that potentially as much as £100bn in criminal profits is laundered… Read More »£100bn Laundered Each Year Through the UK The post £100bn Laundered Each Year Through the UK appeared first on AML And Compliance ..read more

Principal firms who use appointed representatives (ARs) must do more to ensure they are complying with the new rules and enhanced expectations that came into effect on 8 December 2022, recent analysis from the Financial Conduct Authority (FCA) has shown. A review into how principals are meeting its enhanced AR rules, published by the FCA… Read More »Improvement Needed in Oversight of Appointed Representatives, Says FCA The post Improvement Needed in Oversight of Appointed Representatives, Says FCA appeared first on AML And Compliance ..read more

The Financial Conduct Authority (FCA) has charged 21 people with financial crimes since April 2023, the highest number of prosecutions it has made in a single year, the regulator has revealed. In the financial year ending in April 2024, the FCA also secured nine freezing orders, six more than in 2022, and restrained £21.1m in… Read More »FCA Charges Record Number of People with Financial Crimes The post FCA Charges Record Number of People with Financial Crimes appeared first on AML And Compliance ..read more

New research has revealed that UK Crown Courts have heard a total of 122 alleged fraud cases worth more than £100k in the first half of this year, up from 105 during the same period in 2023. According to KPMG’s mid-year Fraud Barometer, published on 28 August 2024, money laundering has been the most common… Read More »Rise in Money-Laundering Cases Heard by UK Courts The post Rise in Money-Laundering Cases Heard by UK Courts appeared first on AML And Compliance ..read more

The Financial Conduct Authority (FCA) has fined the UK arm of global cryptoasset trading platform Coinbase more than £3.5m for anti-money laundering (AML) failings in its first enforcement action under the Electronic Money Regulations Act 2011.   CB Payments Limited (CBPL) was fined £3,503,546 at the end of July for repeatedly breaching a requirement that… Read More »FCA Fines Cryptoasset Trader £3.5m in UK First The post FCA Fines Cryptoasset Trader £3.5m in UK First appeared first on AML And Compliance ..read more

The Economic Crime (Anti-Money Laundering) Levy (ECL) was introduced in the Autumn Budget 2021 and came into force in the UK on 1 April 2022. The ECL is an annual charge payable by entities supervised under the Money Laundering Regulations (MLR) and whose UK revenue exceeds £10.2 million per year. In this article, we take… Read More »What is the Economic Crime Levy? The post What is the Economic Crime Levy? appeared first on AML And Compliance ..read more

The National Crime Agency (NCA) has joined forces with seven UK banks in a bid to tackle criminality in the country’s financial sector by using banking data to highlight activity linked to organised crime. Participating banks will provide the NCA with account data that is indicative of potential criminality. Subject matter experts and investigators will… Read More »NCA Joins with UK Banks to Tackle Organised Crime The post NCA Joins with UK Banks to Tackle Organised Crime appeared first on AML And Compliance ..read more

Agency trade body Propertymark has called for more practical anti-money laundering (AML) guidance for agents in its response to the government consultation on the effectiveness of the Money Laundering Regulations (MLRs). In its response to the consultation published at the end of July, Propertymark found that although most property agents carry out AML checks, confusion… Read More »Propertymark Calls for More Guidance on AML The post Propertymark Calls for More Guidance on AML appeared first on AML And Compliance ..read more

Barclays customers are now only able to pay up to £20,000 in cash each year into their personal accounts following the introduction of an annual limit on deposits in a bid to deter money laundering.   The £20,000 limit applies to all personal accounts a customer holds with Barclays, including joint accounts and any children’s… Read More »Barclays to Limit Cash Deposits From July The post Barclays to Limit Cash Deposits From July appeared first on AML And Compliance ..read more