On 22 July 2025, the Wolfsberg Group issued a statement which re-establishes its commitment to the risk-based-approach (RBA). It includes a pledge to update the Wolfsberg Group’s 2006 RBA guidance, along with other documents that touch on the RBA, such as the 2015 FAQs on risk assessments.
On 21 July 2025, the National Crime Agency and Financial Conduct Authority published nine economic crime priorities for the UK’s regulated sector. The priorities include combatting cash-based money-laundering, the exploitation of money mules, and fraud associated with overseas jurisdictions
On 21 July 2025, HM Treasury published a report which outlines the Office of Financial Sanctions Implementation’s (OFSI) assessment of threats to sanctions compliance involving UK cryptoasset firms since January 2022. Among other things the report notes that it is almost certain that UK cryptoasset firms have under-reported suspected breaches of financial sanctions
On 21 July 2025, a draft of the Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025 were published together with a draft explanatory memorandum. When finalised these Regulations will come into force on 1 January 2026 and make changes to UK legislation to implement the UK’s commitments in the Agreement
On 21 July 2025, the OTC Derivatives Risk Mitigation and Central Counterparties (Equivalence) (Switzerland) Regulations 2025 were laid before Parliament. An explanatory memorandum has also been published. These Regulations come into force on 1 January 2026 and set out HM Treasury’s determinations that Switzerland’s regulatory and supervisory regimes for risk mitigation for over-the-counter derivative contracts
On 22 July 2025, the European Commission (Commission) issued a targeted consultation on the treatment of equity exposures incurred under legislative programmes in the Capital Requirements Regulation (CRR).
The Commission is issuing the targeted consultation on a Communication aimed at providing guidance on Article 133(5) of the CRR (equity exposures). The
On 22 July 2025, the Financial Conduct Authority (FCA) published Policy Statement 25/11: Mortgage Rule Review: First steps to simplify our rules and increase flexibility (PS25/11).
Background
In line with its 5-year strategy the FCA is reviewing its mortgage requirements through the Mortgage Rule Review (MRR).
The first set
On 21 July 2025, the Bank of England and the Financial Conduct Authority issued a joint statement confirming that their Memorandum of Understanding on supervising financial market infrastructure continues to be effective with appropriate coordination and no material duplication.
On 16 July 2025, there was published on legislation.gov.uk, The Proceeds of Crime (Money Laundering) (Threshold Amount) (Amendment) Order 2025.
This Order comes into force on 31 July 2025 and increases from £1,000 to £3,000 the threshold amounts specified in section 339A(2) and (6A) of the Proceeds of Crime Act 2022 (POCA).