2024-04-08 12:00
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 w… Read More
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Remember To Review And Re-adjust Your Policies And Procedures Blog
amlandcompliance.co.uk
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The environment in which law firms tend to operate in is highly regulated and supervised; therefore, it is highly essential for a firm to set out the ways in which it operates in a series of procedures, policies and documents.
If the firm just has a standard set of policies and procedures in place is not enough. Any firm should ensure that its policies are correctly monitored and enforced in a style that truly reflects how the firm works and ensure that they are up to date with its regulatory requirements.
2024-03-21 10:32
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… Read More
2024-03-06 11:30
As Bitcoin and other cryptocurrencies increase in popularity as a payment method, so does the associated risk of them being exploited for money laundering and other criminal activities.
I… Read More
2024-03-01 11:30
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 Un… Read More
2024-02-28 11:30
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… Read More
2024-01-25 11:55
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 t… Read More
2024-01-22 11:47
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… Read More
2024-01-16 13:44
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… Read More
2023-12-19 14:06
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 a… Read More
2023-12-19 13:58
Industry regulator the Financial Conduct Authority (FCA) has launched a checklist to help protect consumers from loan fee fraud and other financial scams over the festive season.
With man… Read More
2023-12-11 15:08
The General Data Protection Regulation (GDPR) is a law that governs how organisations process personal data.
It was introduced in Europe in May 2018 to ‘harmonise’ data privac… Read More
2023-12-04 11:56
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… Read More
2023-12-04 11:51
Identity fraud is now one of the biggest fraud threats to the UK public, with cases soaring by nearly a quarter over the last year, recent figures show.
The latest Fraudscape report by UK… Read More
2023-12-04 11:44
Countries across the world are showing an increased drive to clamp down on financial crimes. Fraud and money laundering are international problems, and a global response is required to comba… Read More
2023-11-06 11:46
The Economic Crime and Corporate Transparency Act received Royal Assent on 26 October 2023. The new Act contains laws to “fight fraud, counter corruption and bolster legitimate busines… Read More
2023-10-23 15:06
The Financial Conduct Authority (FCA) has ordered ADM Investor Services International Limited (ADMISI), a broker affiliate of Archer Daniels Midland, to pay almost £6.5m for serious fi… Read More
2023-10-17 10:04
‘Big Four’ member consultancy firm Ernst & Young (EY) has repaid banking group Santander £15m after it failed to help the Spanish lender improve its anti-money launderi… Read More
2023-10-16 13:31
The Financial Conduct Authority (FCA) has revealed that it issued 146 alerts to firms promoting crypto within 24 hours of new rules governing the marketing of such assets coming into force… Read More
2023-10-10 09:43
The Financial Conduct Authority (FCA) has issued a final warning to cryptoasset firms marketing to UK consumers, and those supporting them, to prepare for the new financial promotion regime… Read More
2023-09-25 10:07
The UK government’s plans to reform the country’s anti-money laundering (AML) regime will expose accountants and other businesses to a greater risk of financial crimes, professio… Read More
2023-09-25 09:58
More than two-thirds of properties in England and Wales held by overseas shell companies still do not reveal who owns them, a new report has found.
The report, published on Sunday 3 Septe… Read More
2023-09-18 10:28
Accountants are being warned to keep up to date with their Anti-Money Laundering (AML) compliance requirements to avoid falling foul of the law.
Among the new obligations for accountants… Read More
2023-09-18 10:14
UK universities and other institutions for higher education are vulnerable to money laundering due to many continuing to accept cash payments, leading to calls for stricter anti-money launde… Read More
2023-08-30 14:37
Customer due diligence (CDD) is a key part of Anti-Money Laundering (AML) requirements and a crucial compliance obligation for regulated firms.
Effective due diligence can prevent financi… Read More
2023-08-30 13:12
The Financial Conduct Authority (FCA) has recently released guidelines outlining expectations for UK cryptoasset businesses in complying with the Travel Rule. This new legislation… Read More
2023-08-24 14:37
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… Read More
2023-08-07 12:14
Fines for non-compliance with anti-money laundering (AML) regulations for real estate agents have risen rapidly over the past 12 months, recent research shows.
The latest analysis by iden… Read More
2023-07-31 10:28
HM Treasury is considering introducing a single state regulator to oversee the UK’s anti-money laundering and counter-terrorism financing (AML/CTF) responsibilities, under plans reveal… Read More
2023-07-31 10:18
UK independent public spending watchdog the National Audit Office (NAO) has launched an enquiry into the Financial Conduct Authority (FCA)’s effectiveness and the ability of the financ… Read More
2023-07-19 09:00
Companies House has published details of its enforcement powers for the Register of Overseas Entities, including information on the penalties for companies that fail to comply with regulator… Read More
2023-07-11 10:06
New legislation came into effect on 1 April 2023 that introduces a series of new Anti-Money Laundering (AML) requirements for regulated firms and tightens the requirements for certain Trusts… Read More
2023-07-11 09:59
A proposed addition to expand the identification doctrine in the Economic Crime and Transparency Bill could see more companies facing prosecution for crimes committed by executives.
The m… Read More
2023-07-11 09:38
UK Chancellor Jeremy Hunt has this week (9 July 2023) backed calls to relax money laundering rules for those with a career in public life after revealing he was refused a bank account with o… Read More
2023-07-06 08:00
The UK has strict Anti-Money Laundering (AML) regulations in place, and sanctions for non-compliance are high.
Businesses and individuals in the UK that operate in the financial sector mu… Read More
2023-06-30 10:42
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… Read More
2023-06-28 08:49
The UK government has failed to enforce fines of around £1bn to foreign firms that have so far not complied with the landmark Economic Crime (Transparency and Enforcement) Act by decla… Read More
2023-06-22 13:13
The financial services industry is one of the most highly regulated business sectors in the UK when it comes to money laundering.
The critical importance of the financial sector to the UK… Read More
2023-06-12 14:56
The EU has this week (31 May 2023) signed into law its landmark Markets in Crypto Assets (MiCA) regulations which will govern the issuance and provision of services relating to crypto assets… Read More
2023-05-30 08:19
The Financial Conduct Authority (FCA) has further strengthened Anti-Money Laundering (AML) controls in the UK by introducing at the end of April a series of measures designed to reduce the r… Read More
2023-04-04 08:25
William Hill, the British gambling company now owned by 888 Group, has been issued a record £19.2m fine by the UK gambling regulator. The Gambling Commission said the fines are du… Read More
2023-03-17 12:21
A financial crime report issued by Fenergo – a leading provider of digital solutions for client lifecycle management (CLM) – features annual figures on global financial instituti… Read More
2023-02-13 09:33
Recent figures announced by HM Revenue and Customs (HMRC) at the end of 2022 revealed that dozens more estate agents have been fined for breaching anti-money laundering requirements.
A Lo… Read More
2023-02-06 11:14
1. Introduction
The FCA has made it clear that they will continue to demand greater vigilance and enforcement, challenging banks to step up their focus on regulatory compliance.
Early… Read More
2023-01-24 10:39
The National Crime Agency recently raided Newcastle-Upon-Tyne-based dealer WatchTrader & Co as part of an investigation into suspected money laundering regulation breaches.
British ta… Read More
2022-10-31 12:41
A recent report from HM Revenue and Customs (HMRC) revealed that between 2021-2022 several estate agent businesses were penalised for breaching anti-money laundering requirements, with fines… Read More
2022-05-30 13:59
Setting up policies and procedures should not be a one-time thing
The environment in which law firms tend to operate… Read More
2022-04-26 09:22
What is a Politically Exposed Person (PEP)?A PEP (Politically Exposed Person) is someone who has been appointed by a… Read More
2022-03-22 16:56
Manager Faces Personal Penalties After AML Breach
In a recent notice published by the Solicitors Regulation Authorit… Read More
2022-02-18 10:49
How does the need for ongoing AML regulatory compliance impact the acceptance of cryptocurrency?
Since the launch of… Read More
2022-01-25 14:14
HSBC fined £63.9m for AML failures
In December 2021, the UK financial regulator fined HSBC a charge of £64m and rebuked the bank for “serious weaknesses” in its AML c… Read More
2021-07-14 15:08
Anti Money Laundering – Signs your business is being used to launder money.
It is well reported that UK businesses do and can be caught up with money launderers seeking to… Read More
2021-04-26 08:41
Money laundering in the insurance sector is now a growing global problem. Life insurance providers are the focal poi… Read More
2021-04-12 13:32
The UK Art market must be prepared for the deadline which is soon approaching to comply with the new AML rules now b… Read More
2021-04-08 08:51
The answer in short is Yes and the Land registry have just unveiled a new Digital ID verification process that will… Read More
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