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.
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.