Money laundering

The US government announced that it continues to pause mandatory beneficial ownership information filing requirements with the Financial Crimes Enforcement Network, despite the Supreme Court of the United States granting the government’s motion to stay a nationwide injunction issued by a Texas federal judge. Read our alert here.

On 30 January 2025, the Financial Services and Markets Act 2023 (Digital Securities Sandbox) (Amendment) Regulations 2025 were laid before Parliament and published on legislation.gov.uk, along with an explanatory memorandum.

The Regulations amend the Financial Services and Markets Act 2023 (Digital Securities Sandbox) Regulations 2023 (the DSS Regulations), to modify the effect of

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) 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 16 December 2024, the European Banking Authority (EBA) issued its fourth report on the functioning of anti-money laundering and countering the financing of terrorism (AML/CFT) colleges.

The report sets out findings and observations from EBA staff’s monitoring of AML/CFT colleges in 2023, which suggest that, overall, Member State competent authorities

On 13 December 2024, the European Banking Authority issued a press release stating that it had published the findings from its fourth and final round of reviews of Member State competent authorities’ (NCAs) approaches to tackling money laundering and terrorist financing risks in the banking sector. With this round, the EBA has now

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

On 7 November 2024, the Financial Action Task Force (FATF) published its Money Laundering National Risk Assessment Guidance.

The Guidance is intended to support countries in conducting a National Risk Assessment (NRA) focused on the assessment of money laundering risks. FATF explains that the Guidance serves as a practical resource