FCA scrutiny of Corporate Finance Firms: what the latest findings mean and how to respond fast
FCA's latest survey reveals Corporate Finance Firms' compliance gaps in AML rules and AR oversight....
To Rely or Not to Rely: The Future of CDD Reliance for Investment Platforms
Investment Platforms are continuously growing and scaling, and are heavily dependent on advisers to...
Building Confidence in Sanctions Screening: Testing, Assurance, and Synthetic Data
Learn effective strategies for sanctions screening through testing, assurance, and synthetic data...
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Monetary Penalty vs Disclosure: Comparing OFSI’s Sanctions Enforcement on Vanquis Bank and Colorcon
OFSI takes different enforcement actions against Vanquis Bank and Colorcon for sanctions breaches.
Financial Crime: Why Firms Can’t Afford to Stand Still
Staying updated on financial crime regulations is critical. Learn why firms must enhance their...
Sanctions Enforcement Shakeup: OFSI Consults on Doubling Penalties and Enforcement Changes
UK's OFSI proposes doubling penalties for sanctions breaches and tighter enforcement rules, raising...
Failure to Prevent Fraud: What Firms Need to Know
New Failure to Prevent Fraud offence in force. Learn key steps for compliance and safeguarding your...
Barclays vs Monzo: Comparing the FCA’s Latest AML Fines
Discover key lessons from the FCA’s latest AML fines on Barclays and Monzo, highlighting crucial...
UK National Risk Assessment 2025 - Movers, Shakers, and Surprise Entrants
Discover key changes in the UK National Risk Assessment 2025 and how Thistle Initiatives can help...
Transaction Reporting: The £1M Lesson from Sigma Broking’s FCA Fine
Sigma Broking fined £1M by FCA for inaccurate transaction reports. Learn key lessons on data...
Sanctions in Focus: Lessons from the Past and Priorities for the Future
Sanctions leaders discuss historical insights and future strategies at an exclusive...
Unpacking the Latest FATF Reports: Key Insights on Sanctions Evasion & Terrorist Financing
Key insights from FATF reports reveal critical gaps in combating sanctions evasion and terrorist...
Navigating the Evolving Landscape of PEPs: Understanding and Implementing FCA's FG25/3
Discover the key updates in the FCA's FG25/3 guidance on PEPs, focusing on compliance changes, risk...
What We Learned: Smarter Approaches to Corporate Ongoing Monitoring
Optimising corporate ongoing monitoring with risk-based approaches and integrated data tools,...
Corporate Onboarding: Build, Buy or Partner?
Corporate onboarding is one of the most complex and time-consuming processes for Financial Crime...
Thistle Initiatives Newsletters - June 2024
Here's an overview of our monthly newsletter updates of our capital sectors - June 2024
Financial Crime Monthly Newsletter - June 2024
Financial Crime Monthly Newsletter - Here's an overview of our monthly financial crime updates
Payments Industry Seeks Delay in APP Fraud Rules Amid New Leadership at PSR
The Payments Association is urging for a delay in the rollout of new authorised push payment (APP)...
24 people charged in money laundering scheme involving Mexico’s Sinaloa cartel, prosecutors say
A five-year investigation by U.S. officials has uncovered a complex partnership between one of...
Update on the FCA’s review of treatment of Politically Exposed Persons
Last year, we launched a review of the treatment of domestic Politically Exposed Persons (PEPs) by...
UK Finance Annual Fraud Report
If you worked in fraud prevention last year, you’re probably still analysing the shifts and...
Thistle Initiatives Newsletters - May 2024
Here's an overview of our monthly newsletter updates of our capital sectors - May 2024
Financial Crime Monthly Newsletter - May 2024
Financial Crime Monthly Newsletter - Here's an overview of our monthly financial crime updates
Facebook 'did nothing about Taylor Swift ticket hack scam'
Facebook users whose accounts were hacked and hijacked to sell fake Taylor Swift tickets have...
Payment Firms Urge UK to Scale Back Fraud Victim Refund Plan
The payments industry is pushing back against the UK’s plans to force firms to reimburse scam...
HM Treasury Anti-money laundering and counter-terrorist financing: Supervision Report: 2022-23
The UK has a comprehensive anti-money laundering and counter-terrorist financing (AML/CTF)...
Pair jailed for £5.7m cryptocurrency scam
Two men who stole more than £5.7m worth of cryptocurrency from victims all over the world have been...
FCA Update Financial crime is changing and so is our guidance for firms
In April 2024, the FCA consulted, in its CP 24/9, on proposed changes to its Financial Crime Guide.
EU expands AML regulation
In April 2024, the European Parliament passed legislation aimed at bolstering the EU's anti-money...
Thistle Initiatives Newsletters - April 2024
Here's an overview of our monthly newsletter updates of our capital sectors - April 2024
Financial Crime Monthly Newsletter - April 2024
Financial Crime Monthly Newsletter - Here's an overview of our monthly financial crime updates
TikTok Referred to Australian Regulator Over AML Concerns in Türkiye and Ireland
TikTok, the popular social media platform known for its short video content, is facing increased...
Europol report identifies the most threatening criminal networks in the EU
Europol’s new report, published today, entitled “Decoding the EU’s most threatening criminal...
UK Government to tackle global financial corruption
The UK Government will announce a global call to action for greater transparency on company...
Principles for Auditing a Financial Crime Risk Management Programme for Effectiveness under the Wolfsberg Factors
The Wolfsberg Group (the Group) has encouraged Financial Institutions (FIs1 ) and regulators to...
Financial Crime Monthly Newsletter - March 2024
Financial Crime Monthly Newsletter - Here's an overview of our monthly financial crime updates
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FCA's Warning: Addressing Anti-Money Laundering Failings in Financial Firms
We have today warned firms about common failings we have found in firms’ financial crime controls.
Improving the effectiveness of the Money Laundering Regulations
HM Treasury has published a consultation on improving the effectiveness of the Money Laundering,...
The Payment Services (Amendment) Regulations 2024 – policy note
As part of the fraud strategy, the government committed to explore whether to allow payment service...
Decrypting the UK Cryptoasset Landscape - Webinar Highlights
As the crypto market continues to innovate and grow, governments and regulators around the world...
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HM Treasury open consultation: Improving the effectiveness of the Money Laundering Regulations
HM Treasury has released a consultation to enhance the effectiveness of the Money Laundering,...
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FCA Explains Common Findings Across Annex 1 AML Frameworks
In its increased monitoring of Annex 1 Firms, the FCA's scrutiny has unearthed common themes across...
Financial Crime Monthly Newsletter - 2024
Financial Crime Monthly Newsletter - Here's an overview of our monthly financial crime updates
Former Qatar Airways Chairman Sentenced For Money Laundering
Reuters reports that Former Qatar Airways chairman and Qatari Minister of Finance Ali Sharif...
AI-generated ID documents bypassing well-known KYC software
Cointelegraph reports that AI-generated fake IDs costing as little as $15 are reportedly being used...
UK Government responds to Law Commission SAR regime review
In 2017, the Home Office asked the Law Commission to review limited aspects of the anti-money...
FCA grants first crypto exchange licence since October 2023
The FCA has shared feedback on good and less good applications received under money laundering...
FCA publishes 2024 plan to reduce and prevent financial crime
The FCA recently provided an update on progress tackling financial crime, along with a preview of...
Financial Crime Newsletter - January 2024
Financial Crime Newsletter - Here's an overview of our monthly financial crime updates
Guidance On Money Laundering Reporting Obligations
The purpose of this guidance is to set out the government position on money laundering reporting...
Cryptoasset AML/CTF Regime: Feedback On Applications
Feedback on good and poor quality applications made to us under money laundering regulations. Read...
Money Laundering Regulations To Impact Financial Institutions
In a significant move that promises to sharpen up financial crime risk management, the UK...
Financial Crime Newsletter - December 2023
Financial Crime Newsletter - Here's an overview of our monthly financial crime updates
World-first agreement to tackle online fraud
People across the UK will be better protected from online scams, fake advertisements, and romance...
Hundreds of firms targeted by FCA in MLRO crackdown
The FCA targeted hundreds of firms as part of a crackdown on money laundering reporting officers...
New List Of High-Risk Third Countries For Money Laundering
The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No.2) Regulations...
The PSR's Final Stand On APP Fraud Reimbursement
An announcement from the Payment Systems Regulator (PSR) on the 19th of December 2023 has confirmed...
FCA Writes To Firms About The Treatment Of Retained Interest
In December 2023, the FCA wrote a Dear CEO letter to investment platforms and SIPP operators...
Financial Crime Newsletter - November 2023
Financial Crime Newsletter - Here's an overview of our monthly financial crime updates
FCA issues guidance to help crypto firms comply with marketing rules
Following a recent change in legislation, cryptoassets promotions targeting UK consumers now fall...
FCA responds following AI and machine learning consultation
In Discussion Paper DP5/22 – Artificial Intelligence and Machine Learning, issued jointly with the...
Treasury responds to feedback on future regulatory regime for cryptoassets
Responding to feedback on its recent consultation and call for evidence on the future financial...
PSR publishes authorised push payments fraud performance data
Authorised push payment (APP) fraud occurs when a fraudster tricks someone into sending a payment...
Economic Crime and Corporate Transparency Act: What financial institutions need to know
In October 2023, the Economic Crime and Corporate Transparency Act (the ECCTA) received Royal...
Consumer Duty: Not once and done
In November 2023, the FCA reported a speech given by Nisha Arora, its Director of Cross-Cutting...
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PSR publish APP fraud performance data
In October 2023, the Payment Services Regulator published 2022 performance data covering the...
The FCA identifies common issues with crypto marketing
In October 2023, the FCA publicised that it has been supervising crypto firms since 8 October based...
Financial Crime Newsletter - October 2023
Financial Crime Newsletter - Here's an overview of our monthly financial crime updates
FCA Fines ADM Investor Services £6.5m For Crime Control Failings
Broker ADM Investor Services International Limited (ADMISI) has been fined £6,470,600 for having...
Companies House & the Economic Crime & Corporate Transparency Bill
The Economic Crime and Corporate Transparency Bill published on 22 September 2022, proposes...
EY pays back £15m to Santander UK in dispute over AML quality
Santander UK’s fin crime consultants EY have paid back £15m and will no longer work for the lender.
FCA review of Money mules
In October 2023, the FCA publicised the key findings arising from its multi-firm review of payment...
Financial Crime Newsletter - September 2023
Financial Crime Newsletter - Here's an overview of our monthly financial crime updates
FCA Reports On Cryptoasset AML/CTF Regime Applications
The FCA has been the anti-money laundering and counter-terrorist financing (AML/CTF) supervisor for...
FCA reviews UK firms’ sanctions systems and controls
The FCA has set out findings from its assessments of sanctions systems and controls in financial...
The Economic Crime and Corporate Transparency Bill
The Economic Crime (Transparency and Enforcement) Bill, which makes provision for economic crime...
Regulating Crypto Assets – The FCA’s Approach To Regulation
Regulating Crypto Assets – The FCA’s approach to crypto regulation will look like from a regulatory...
Financial Crime Newsletter - August 2023
Financial Crime Newsletter - Here's an overview of our monthly financial crime updates
PSR takes first step in drive to combat APP fraud
The Payment Systems Regulator (PSR) recently published a consultation on two of the draft...
Highlights from FCA and SFO 2022/23 annual reports
‘To reduce and prevent financial crime, we have a strengthened authorisation process, improved...
Consultation on cryptoasset transfers now closed
The Joint Money Laundering Steering Group (JMLSG) recently published proposed amendments to Sector...
FCA asks banks for information on account closures
After announcing that it intends to carry out a data exercise looking into the basis on which...
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Government Fine Company £1million In Breach Of Russian Sanctions
In August 2023, the UK government fined a company £1 million for breaching Russian sanctions.
Financial Crime Newsletter - July 2023
Financial Crime Newsletter - Here's an overview of our monthly financial crime updates
Financial Action Task Force holds third plenary meeting
Global money laundering and terrorist financing watchdog the Financial Action Task Force (FATF)...
PSR progresses new APP scam reimbursement requirements
The Payment Systems Regulator (PSR) has published a consultation on two of its draft directions...
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Navigating The Impact Of Mandatory APP Fraud Reimbursement
As authorised push payment (APP) fraud continues to rise in the UK, regulatory measures are being...
Financial Crime Newsletter - June 2023
Financial Crime Newsletter - Here's an overview of our monthly financial crime updates
Consumer cryptocurrency trading should be regulated like gambling
The House of Commons Treasury Committee recently called for consumer trading in unbacked...
EBA Consult On Crypto-assets-related Amends To ML/TF Guidelines
The European Banking Authority (EBA) recently launched a public consultation on amendments to its...
PSR confirms new requirements for APP fraud reimbursement
The Payment Systems Regulator (PSR) has argued that new requirements for banks and payment...
Financial Crime Newsletter - May 2023
Financial Crime Newsletter - Here's an overview of our monthly financial crime updates
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OPBAS Publishes Report On Legal & Accountancy Supervision
In its fourth report, the Office for Professional Body Anti-Money Laundering Supervision (OPBAS)...
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Watchdog Warns Banks On Post Office Money Laundering
A series of measures designed to reduce the risk of money laundering via the Post Office have today...
FCA Will Conduct Firm Evaluations With Little To No Warning
The FCA has stated that it will conduct assessments on firms with little or no notice when it has...
What the Prime Minister’s Fraud Strategy means for you
In May 2023, the UK Government issued a new Policy Paper describing its fraud strategy for 2019 to...
Proliferation financing
Proliferation financing refers to the act of providing funds or financial services for use, in...
The necessity of compliance - Toqio
One of the hottest topics in fintech right now is related to processes that need to occur prior to...
Gatehouse - was their Anti-money laundering fine avoidable?
On 12 October 2022, the FCA (“the Authority”) issued a Decision Notice, whereby they imposed a...
Changes to crypto regulation on the horizon
On 20 July 2022, the Financial Services and Markets Bill was introduced into Parliament. As the...
Consumer Duty – information for firms
In October 2022, in an update intended to help firms implement the Consumer Duty, the FCA explained...
Top 8 Requirements for FCA Approved PSP Compliance - Comply Advantage blog series
All financial institutions that operate in the UK must be authorized by the Financial Conduct...
Financial promotions quarterly data 2022 Q2
The FCA has issued data, covering 1 April to 30 June 2022, concerning its most recent action...
Upper Tribunal Crypto exchange
It was announced in July 2022 that the Treasury Committee has launched an inquiry into cryptoassets...
Treasury Committee launches inquiry into cryptoassets
The business of Vladimir Consulting Limited (VCL) involves trading in cryptocurrency such as...
The TJM Partnership Limited is fined £2 million by the FCA for financial crime control failings
In July 2022, the FCA fined The TJM Partnership Limited (in liquidation) £2,038,700 for failing to...
Money Laundering Regulations Changes
HM Treasury conducted a consultation between 22 July and 14 October 2021, inviting views and...
The FCA is using advanced analytics and new sources of data to identify inappropriate financial adverts
In June 2022, the FCA provided an update on its data strategy, showing the progress it has made in...
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Understanding the FCA’s Threshold Conditions - ComplyAdvantage blog series
Authorisation from the Financial Conduct Authority (FCA) is the most crucial step for early-stage...
The Secrets of an AML Audit - ComplyAdvantage blog series
An anti-money laundering (AML) audit is often viewed as a source of stress for compliance teams,...
FCA issues Market Watch 69
In its Market Watch 69, issued in May 2022, the FCA discusses firms’ arrangements for market abuse...
Lessons to be learnt from the FCA’s recent Financial Crime control review
The FCA published its most recent review of financial crime compliance controls observed as part of...
FCA CP22/2: Strengthening financial promotion rules for high risk investments, including cryptoassets
In November 2021, the Advertising Standards Authority (ASA) announced that it was investigating...
Government to act against paid-for scam ads online
UK Government announced a crackdown on paid-for internet scam advertisements, as part of its wider...
Russian invasion of Ukraine: operational and cyber resilience
FCA points for firms to consider regarding operational & financial services cyber security...
UK announces a tranche of sanctions in relation to Russia
UK announces a tranche of sanctions in relation to Russia. Full details available on the Foreign,...
AML warnings raised at a third of UK EMIs as ‘major gateway’ for illicit funds
The anti-corruption campaigning organisation Transparency International UK warned in its published...
FCA fines increase nearly four-fold
In December 2021, law firm RPC released data showing that FCA fines had increased nearly fourfold...
2020 AML penalties hit $2.2 billion - crackdown on financial crimes
Financial crime compliance - Kroll’s annual Global Enforcement Review 2021, issued in December...
FCA fines Sapien Capital for financial crime control failings
Financial crime control failings - FCA fined Sapien Capital £178,000 for failings leading to the...
Extension of Annual Financial Crime Reporting Obligation
The FCA’s Policy Statement PS 21/4, proposes to increase the number of firms that need to submit...
NatWest money laundering enforcement
Money laundering enforcement: Criminal proceedings against National Westminster Bank in respect of...
HM Treasury consultation on cryptoassets and stablecoins
HMT consultation - On 7 January 2021, HM Treasury published its consultation paper on the UK...