It has been noted, that in 2022 the number of regulatory enforcement powers exercised by the UK’s Financial Conduct Authority (FCA) increased. Fines issued by
In December 2022, HM Treasury published the “Anti-money laundering (“AML”) and countering the financing of terrorism (“CFT”): Supervision Report 2020-22”. The financial crime report provides
Last week, the threshold for reporting a Defence Against Money Laundering (DAML SAR) changed from £250 to £1,000 in the UK, relevant to banks, deposit
The Financial Conduct Authority (FCA) has fined Guaranty Trust Bank (UK) Limited (GT Bank) £7,671,800 for serious weaknesses in its anti-money laundering (AML) systems and
On the 22nd November 2022, the European Banking Authority (EBA) published its final guidelines on the use of remote customer onboarding solutions. These Guidelines set
London-based challenger bank Gatehouse has been handed a £1.5m fine from the Financial Conduct Authority (FCA) over a failure to conduct proper anti-money laundering checks.
Anti-money laundering (AML), is at the heart of a lot of compliance regulations issues for firms to face. A lot of financial authorities, like the
The FCA has issued reminders to all regulated firms of their existing obligations when interacting with or exposed to cryptoassets and related services. While cryptoassets
As financial regulators continue to increase AML regulations, the cost of remaining compliant is getting higher. According to the experts, these AML compliance costs are
According to recent reports, the Financial Conduct Authority (FCA) is currently investigating a British digital bank for a potential breach of financial rules. Monzo has