Money Laundering Update

On 26 October 2017, the Treasury published an update to the National Risk Assessment (NRA) of money laundering and terrorist financing

The NRA is the Government’s assessment of the key Money Laundering (ML) and terrorist financing threats facing the UK including the susceptibility of the sectors to money laundering and terrorist financing. 

Key findings from the report include: 

  • the criminal exploitation of banks, professional and financial services and cash remain the greatest areas of money laundering risk to the UK
  • cash remains the preferred method for terrorists to move funds through and out of the country
  • a wide-ranging set of reforms by government, like introducing the ability to investigate suspicious asset trails and to crack down on illicit finance over recent years are starting to take effect 

Chapter four of the document specifically relates to financial services. It highlights the strategic importance of the UK financial services sector and recognises that its size and openness make it attractive to criminals. It also identifies steps the FCA, law enforcement and the industry have taken to address the threats, for example, strengthening accountability and improving information sharing through the Joint Money Laundering Intelligence Taskforce. 

Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

ATEB Compliance offers compliance and regulatory advice.

ATEB Suitability provides report writing software for the financial services market.

Our View

We recommend that firms read the document, in particular chapter 4, and consider what impact there might be for their AML processes.

Action Required By You

For information.

It would also be of value to refresh awareness with the following documents.

FC Guide (July 2016)

JMLSG Guide 

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About the Author

Technical Manager - Often referred to as the Oracle or the Sage, Alistair has a wealth of financial services experience. He is our go-to Technical Manager and enjoys nothing more than a complicated conundrum. Feel free to test his renowned knowledge by getting in touch.

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