On 23 January 2025, the Financial Conduct Authority (FCA) published the key findings from its multi-firm review on payment services and account providers’ use of the National Fraud Database (NFD) and money mule account detection tools to tackle risks associated with money muling activities.
Background
The FCA explains that money muling
On 23 January 2025, the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) set out the next steps for open banking.
The regulators note that there was significant progress in developing open banking in 2024 as a result of voluntary funding from 20 leading firms. Those developments included:
On 23 January 2025, the Financial Conduct Authority (FCA) published updated analysis on money laundering through the markets (MLTM) risk – i.e. the use of capital markets to move criminally generated cash, so it appears legitimately generated.
The FCA focused on wholesale brokers in its review because of their important role
On 19 December 2024, the Financial Markets Standards Board (FMSB) published as final its Standard for Client Onboarding: Documentation and Processes and Annexes.
The Standard has been drafted to allow onboarding firms to continue to fully apply the UK’s Risk Based Approach to know-your-customer and provides more granular, documentary guidance for the practical implementation
On 19 November 2024, HM Treasury (HMT) published an updated version of its guidance, Money Laundering Advisory Notice: High Risk Third Countries.
The guidance contains advice issued by HMT about risks posed by jurisdictions with unsatisfactory money laundering and terrorist financing controls.
In the November update, the guidance has been amended to
Information sharing by regulated firms
On 4 October 2024, the Department for Business & Trade published guidance (the Guidance) on the information sharing measures in the Economic Crime and Corporate Transparency Act 2023 (ECCTA).
The purpose of the Guidance is to support firms operating in the “regulated sector” within Schedule 9 of
In the latest instalment of our Regulation Around the World series, Financial Services partners in 15 jurisdictions cover recent developments concerning anti-money laundering.
Our global updater is accompanied by further analysis and insights in our Regulation Around the World podcast which is available now to stream and download. The podcast features speakers from the
On 30 September 2024, the Joint Money Laundering Steering Group (JMLSG) published revisions to Sector 18 (Wholesale markets) in Part II of its Guidance.
The revisions, which the JMLSG consulted on earlier in 2024, have been submitted to HM Treasury for Ministerial approval.
