On 12 December 2025, the Financial Conduct Authority published a Final Notice imposing a fine of £44,078,500 on Nationwide Building Society for inadequate anti-financial crime systems and controls between October 2016 and July 2021. For the key takeaways from this case, as well as the key findings, please see our latest Notice in a Nutshell
Following the announcement by HM Treasury in October that the Government has decided that the Financial Conduct Authority should become the single professional services supervisor for anti-money laundering/ countering the financing of terrorism (see our previous briefing), a Consultation Paper has now been published providing further details of the reform proposals and requesting responses
On 8 December 2025, HM Treasury (HMT) published its annual report for financial year 2024 to 2025 on anti-money laundering and counter-terrorist financing (AML/CFT) supervision.
HMT works closely with the UK AML/CFT supervisors – the Financial Conduct Authority, His Majesty’s Revenue and Customs, the Gambling Commission and the 22 legal and
On 4 December 2025, the European Commission adopted a Delegated Regulation amending Delegated Regulation (EU) 2016/1675 to add Bolivia and the British Virgin Islands to the list of high-risk third countries which have provided a written high-level political commitment to address the identified deficiencies and have developed an action plan with the Financial Action Task
On 3 December 2025, the European Commission (Commission) listed Russia as a high-risk country with strategic deficiencies in its anti-money laundering and counter-terrorist financing frameworks.
Earlier this year, the Commission adopted Delegated Regulation (EU) 2025/1393 which committed the Commission to concluding, by the end of 2025, a review of third countries not listed
On 11 November 2025, the Financial Conduct Authority (FCA) published its findings following a multi-firm review focusing on risk assessment processes and controls in firms as part of its wider financial crime supervisory work.
Overview
The FCA set out examples of good and poor practice on how firms can assess, mitigate, and manage
On 4 November 2025, the Financial Action Task Force (FATF) issued Asset Recovery Guidance and Best Practices.
The FATF revised its Recommendations on asset recovery and related international co-operation in October 2023 and made corresponding changes to the FATF Assessment Methodology in June 2024. These changes signal that asset recovery must become
On 21 October 2025, HM Treasury published a Consultation Response providing details of responses to its 2023 consultation on the reform of the anti-money laundering/ counter-terrorist financing (AML/CTF) supervision regime and confirming that the Government has decided that the Financial Conduct Authority (FCA) should become the single professional services supervisor for