United Kingdom: Money Laundering

The Financial Conduct Authority has proposed significant reforms to investment fund regulations, including allowing certain authorised funds to hold cryptoasset exchange traded notes and streamlining climate disclosure requirements. These changes, alongside updates to money market fund rules and anti-money laundering regulations, represent a substantial shift in the UK's approach to fund management and regulatory compliance. The proposals aim to reduce regulatory burden while maintaining investor protection

HMRC has taken the unprecedented step of publicly naming Petrofac Facilities Management Limited after the company paid a compound settlement of £569,157.07 for Russia sanctions violations. Meanwhile, OFSI has released responses to its call for evidence on ownership and control tests, revealing significant practical challenges and costs faced by businesses in making compliance assessments with limited information.

The Financial Conduct Authority’s (FCA) May 2026 report reviews sanctions systems and controls across over 150 supervised firms, assessing how effectively firms identified and managed sanctions risks since the FCA’s...

On 30 April 2026, the Financial Conduct Authority (“FCA”) published a policy statement (“PS26/7”), setting out rules and guidance to support the adoption of fund tokenisation in the UK.

Cryptoassets, including cryptocurrencies and other digital assets, are a global phenomenon, and they are attracting increasing regulatory attention in many jurisdictions.

The High Court has dismissed an application for an interim mandatory injunction to prevent a bank from closing personal current accounts, examining claims of breach of contract and alleged failures under the Equality Act 2010. The decision explores the complex interplay between banks' anti-money laundering obligations, their contractual rights to terminate customer relationships, and the practical constraints imposed by tipping-off prohibitions when financial crime concerns arise.

Niall Hearty of Rahman Ravelli outlines the case and the issues involved.

Niall Hearty of Rahman Ravelli considers the findings of a Financial Conduct Authority survey.

The private wealth management sector is uniquely susceptible to financial crime risks, such as fraud, money laundering and sanctions breaches, as highlighted in the FCA's Dear CEO letter.