Financial Crime Monthly Newsletter - June 2024
Financial Crime Monthly Newsletter - Here's an overview of our monthly financial crime updates
Payments Industry Seeks Delay in APP Fraud Rules Amid New Leadership at PSR
The Payments Association is urging for a delay in the rollout of new authorised push payment (APP)...
24 people charged in money laundering scheme involving Mexico’s Sinaloa cartel, prosecutors say
A five-year investigation by U.S. officials has uncovered a complex partnership between one of...
Update on the FCA’s review of treatment of Politically Exposed Persons
Last year, we launched a review of the treatment of domestic Politically Exposed Persons (PEPs) by...
UK Finance Annual Fraud Report
If you worked in fraud prevention last year, you’re probably still analysing the shifts and...
Financial Crime Monthly Newsletter - May 2024
Financial Crime Monthly Newsletter - Here's an overview of our monthly financial crime updates
Facebook 'did nothing about Taylor Swift ticket hack scam'
Facebook users whose accounts were hacked and hijacked to sell fake Taylor Swift tickets have...
Payment Firms Urge UK to Scale Back Fraud Victim Refund Plan
The payments industry is pushing back against the UK’s plans to force firms to reimburse scam...
HM Treasury Anti-money laundering and counter-terrorist financing: Supervision Report: 2022-23
The UK has a comprehensive anti-money laundering and counter-terrorist financing (AML/CTF)...
Pair jailed for £5.7m cryptocurrency scam
Two men who stole more than £5.7m worth of cryptocurrency from victims all over the world have been...
Financial Crime Monthly Newsletter - April 2024
Financial Crime Monthly Newsletter - Here's an overview of our monthly financial crime updates
TikTok Referred to Australian Regulator Over AML Concerns in Türkiye and Ireland
TikTok, the popular social media platform known for its short video content, is facing increased...
Europol report identifies the most threatening criminal networks in the EU
Europol’s new report, published today, entitled “Decoding the EU’s most threatening criminal...
UK Government to tackle global financial corruption
The UK Government will announce a global call to action for greater transparency on company...
Principles for Auditing a Financial Crime Risk Management Programme for Effectiveness under the Wolfsberg Factors
The Wolfsberg Group (the Group) has encouraged Financial Institutions (FIs1 ) and regulators to...
Introducing the Consumer Duty – A Dynamic Journey
In the fast-paced realm of investment firms, the first half of 2023 witnessed a flurry of activity...
Exploring IFPR Insights: Unveiling the FCA's Latest Findings
If you've been following our previous Thistle Initiatives IFPR blog, you're likely to be familiar...
Financial Crime Monthly Newsletter - March 2024
Financial Crime Monthly Newsletter - Here's an overview of our monthly financial crime updates
FCA's Warning: Addressing Anti-Money Laundering Failings in Financial Firms
We have today warned firms about common failings we have found in firms’ financial crime controls.
Improving the effectiveness of the Money Laundering Regulations
HM Treasury has published a consultation on improving the effectiveness of the Money Laundering,...
The Payment Services (Amendment) Regulations 2024 – policy note
As part of the fraud strategy, the government committed to explore whether to allow payment service...
Decrypting the UK Cryptoasset Landscape - Webinar Highlights
As the crypto market continues to innovate and grow, governments and regulators around the world...
HM Treasury open consultation: Improving the effectiveness of the Money Laundering Regulations
HM Treasury has released a consultation to enhance the effectiveness of the Money Laundering,...
FCA Explains Common Findings Across Annex 1 AML Frameworks
In its increased monitoring of Annex 1 Firms, the FCA's scrutiny has unearthed common themes across...
Financial Crime Monthly Newsletter - 2024
Financial Crime Monthly Newsletter - Here's an overview of our monthly financial crime updates
Former Qatar Airways Chairman Sentenced For Money Laundering
Reuters reports that Former Qatar Airways chairman and Qatari Minister of Finance Ali Sharif...
AI-generated ID documents bypassing well-known KYC software
Cointelegraph reports that AI-generated fake IDs costing as little as $15 are reportedly being used...
UK Government responds to Law Commission SAR regime review
In 2017, the Home Office asked the Law Commission to review limited aspects of the anti-money...
FCA grants first crypto exchange licence since October 2023
The FCA has shared feedback on good and less good applications received under money laundering...
FCA publishes 2024 plan to reduce and prevent financial crime
The FCA recently provided an update on progress tackling financial crime, along with a preview of...
Financial Crime Newsletter - January 2024
Financial Crime Newsletter - Here's an overview of our monthly financial crime updates
Guidance On Money Laundering Reporting Obligations
The purpose of this guidance is to set out the government position on money laundering reporting...
Cryptoasset AML/CTF Regime: Feedback On Applications
Feedback on good and poor quality applications made to us under money laundering regulations. Read...
Money Laundering Regulations To Impact Financial Institutions
In a significant move that promises to sharpen up financial crime risk management, the UK...
Financial Crime Newsletter - December 2023
Financial Crime Newsletter - Here's an overview of our monthly financial crime updates
World-first agreement to tackle online fraud
People across the UK will be better protected from online scams, fake advertisements, and romance...
Hundreds of firms targeted by FCA in MLRO crackdown
The FCA targeted hundreds of firms as part of a crackdown on money laundering reporting officers...
New List Of High-Risk Third Countries For Money Laundering
The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No.2) Regulations...
Financial Crime Newsletter - November 2023
Financial Crime Newsletter - Here's an overview of our monthly financial crime updates
FCA issues guidance to help crypto firms comply with marketing rules
Following a recent change in legislation, cryptoassets promotions targeting UK consumers now fall...
FCA responds following AI and machine learning consultation
In Discussion Paper DP5/22 – Artificial Intelligence and Machine Learning, issued jointly with the...
Treasury responds to feedback on future regulatory regime for cryptoassets
Responding to feedback on its recent consultation and call for evidence on the future financial...
PSR publishes authorised push payments fraud performance data
Authorised push payment (APP) fraud occurs when a fraudster tricks someone into sending a payment...
Financial Crime Newsletter - October 2023
Financial Crime Newsletter - Here's an overview of our monthly financial crime updates
FCA Fines ADM Investor Services £6.5m For Crime Control Failings
Broker ADM Investor Services International Limited (ADMISI) has been fined £6,470,600 for having...
Companies House & the Economic Crime & Corporate Transparency Bill
The Economic Crime and Corporate Transparency Bill published on 22 September 2022, proposes...
EY pays back £15m to Santander UK in dispute over AML quality
Santander UK’s fin crime consultants EY have paid back £15m and will no longer work for the lender.
Financial Crime Newsletter - September 2023
Financial Crime Newsletter - Here's an overview of our monthly financial crime updates
FCA Reports On Cryptoasset AML/CTF Regime Applications
The FCA has been the anti-money laundering and counter-terrorist financing (AML/CTF) supervisor for...
FCA reviews UK firms’ sanctions systems and controls
The FCA has set out findings from its assessments of sanctions systems and controls in financial...
The Economic Crime and Corporate Transparency Bill
The Economic Crime (Transparency and Enforcement) Bill, which makes provision for economic crime...
Financial Crime Newsletter - August 2023
Financial Crime Newsletter - Here's an overview of our monthly financial crime updates
PSR takes first step in drive to combat APP fraud
The Payment Systems Regulator (PSR) recently published a consultation on two of the draft...
Highlights from FCA and SFO 2022/23 annual reports
‘To reduce and prevent financial crime, we have a strengthened authorisation process, improved...
Consultation on cryptoasset transfers now closed
The Joint Money Laundering Steering Group (JMLSG) recently published proposed amendments to Sector...
FCA asks banks for information on account closures
After announcing that it intends to carry out a data exercise looking into the basis on which...
Financial Crime Newsletter - July 2023
Financial Crime Newsletter - Here's an overview of our monthly financial crime updates
Financial Action Task Force holds third plenary meeting
Global money laundering and terrorist financing watchdog the Financial Action Task Force (FATF)...
PSR progresses new APP scam reimbursement requirements
The Payment Systems Regulator (PSR) has published a consultation on two of its draft directions...
Financial Crime Newsletter - June 2023
Financial Crime Newsletter - Here's an overview of our monthly financial crime updates
Consumer cryptocurrency trading should be regulated like gambling
The House of Commons Treasury Committee recently called for consumer trading in unbacked...
EBA Consult On Crypto-assets-related Amends To ML/TF Guidelines
The European Banking Authority (EBA) recently launched a public consultation on amendments to its...
PSR confirms new requirements for APP fraud reimbursement
The Payment Systems Regulator (PSR) has argued that new requirements for banks and payment...
Financial Crime Newsletter - May 2023
Financial Crime Newsletter - Here's an overview of our monthly financial crime updates