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AML Enforcement in the UK and by the FCA

15/04/2022

Following the recent prosecution and sentence of NatWest Bank for breaches of the UK anti-money laundering (AML) regime at the end of last year, speculation has been growing about whether or not we should expect to see similar cases being brought by the regulator. 

A recent Freedom of Information Act request reveals that the FCA’s enforcement caseload for money laundering regulation breaches remains relatively limited. 

the latest figures are below and in the linked article Eversheds discuss the associated risks for Firms and their Senior Managers. 

The FCA currently has:

  • 41 open investigations into potential AML failings;
  • One ongoing single track criminal case relating to breaches of the MLR or its predecessor, the Money Laundering Regulations 2007 (together, MLRs) relating to a firm;
  • Eight dual track investigations into breaches of the MLRs, six of which relate to firms; and
  • Three single track civil investigations into breaches of the MLRs, one of which relates to a firm.

https://www.eversheds-sutherland.com/global/en/what/articles/index.page?ArticleID=en/Fraud_and_financial_crime/New_FOI_request_reveals_further_criminal_probes_into_AML_breaches

UNITED KINGDOM FINES