UK Anti-Money Laundering Regulations: Staying Ahead of Criminals
The financial sector in the UK is constantly evolving to combat the ever-changing tactics of organized crime. To stay ahead of criminals, specialized training and insights are crucial in fostering a proactive approach to crime prevention.
New Reporting Requirements
The UK’s Financial Conduct Authority (FCA) has introduced new reporting requirements for financial institutions. The revised regulations aim to strengthen the fight against money laundering and terrorist financing. Key changes include:
- Enhanced customer due diligence requirements for high-risk third countries
- Establishment of central national bank account registers or retrieval systems
- Requirement to access such registers or systems
Strengthening Cybersecurity Measures
The Sixth Anti-Money Laundering Directive (6AMLD) has brought crucial updates for businesses within the EU. This directive introduces clearer definitions of criminal activities, enforces stricter penalties, and mandates corporate cooperation in crime prosecution.
For the first time, 6AMLD addresses the need for businesses to enhance their cybersecurity measures to prevent online financial crimes. Companies can now be held accountable for money laundering activities, urging them to conduct thorough risk assessments and update their internal policies accordingly.
Compliance is Key
Regulated institutions must comply with these regulations or face severe penalties. The UK’s anti-money laundering laws have introduced criminal proceedings for non-compliance, resulting in financial penalties and up to 14 years in prison.
To comply with AML laws, organizations should follow Customer Due Diligence (CDD) procedures when dealing with new clients or organizations. This involves conducting:
- Adverse Media screening
- Politically Exposed Person (PEP) screening
- Sanction screening
Sanction Scanner’s AML Solutions
Sanction Scanner provides Anti-Money Laundering Compliance solutions for all large or small organizations in the UK. Our AML solutions enable organizations to easily comply with the AML Compliance Program set by regulators, avoiding regulatory penalties. With powerful API support, organizations automatically perform AML control processes in seconds.
Request a demo today and discover how Sanction Scanner’s AML solutions can help your organization stay ahead of criminals and maintain compliance with UK anti-money laundering regulations.