UK Turns To Industry For Money Laundering Regime Overhaul

A proposed revamp of UK money laundering laws would result in new payment methods facing greater scrutiny, as the government bolsters its defences against financial crime.

Under Home Office and HM Treasury plans, officers at the National Crime Agency (NCA) would be granted greater powers to gather intelligence from payments companies and other firms whose services might be used to wash money.

The move follows a risk assessment in 2015, which found that abuse of money service businesses was among the most significant money laundering and terrorist financing threat faced by the UK.

To continue reading...

Our Key Benefits

PaymentsCompliance is a premium information service for compliance, legal and regulatory professionals. Our award-winning regulatory monitoring platform is used by many of the world's leading payment services providers and e-money institutions, regulators, challenger banks, fintechs and law firms.

We keep our clients informed of critical regulatory change and help them understand, with in-depth analysis, when change is coming and the implications for their organisation.

We provide our clients with a quantifiable and significant ROI by reducing the amount of time and money spent monitoring and analysing regulatory environments in multiple jurisdictions.