On 13 March 2025, HM Treasury published its 12th annual report on anti-money laundering and counter-terrorist financing (AML/CTF) supervision, covering the period from 6 April 2023 to 5 April 2024. The report offers a comprehensive overview of the UK’s efforts to combat financial crimes, detailing the activities of 25 AML/CTF supervisors, including the Financial Conduct […]
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In recent years, the Solicitors Regulation Authority (SRA) has intensified its efforts to ensure UK solicitors’ firms adhere to stringent anti-money laundering (AML) protocols. This heightened scrutiny aims to bolster the legal profession’s integrity and shield the UK economy from illicit financial activities. Recent Enforcement Actions A notable instance of the SRA’s rigorous enforcement is […]
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It is important to distinguish the difference between KYC & AML processes. Whilst the terms are often used interchangeably, there are differences between the two, rather distinct processes, and they should not be confused. Here are the four main ways in which the processes differ: KYC Process: Conducting thorough data collection and validation via required […]
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Believing that the era of cash is over would be the equivalent of believing that unicorns exist, and that politicians never lie. According to UK Finance, cash is the second most commonly used payment method in the UK, falling behind payments made by Debit or Credit card. Now, more than ever, it is vital for […]
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