Regional Guide

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United Kingdom

United Kingdom

Global AML Guide

1. Are there any sanctions imposed against the United Kingdom?
    There are no sanctions imposed on the United Kingdom.
2. What are the regulated institutions in the United Kingdom?
    Banks, FinTech, cryptocurrency, accountancy sector,money service business, credit institutions, estate agents, casinos, auditors, building societies,company service providers,high-value dealers, art markets, trust service, investment managers, stockbrokers, payment institutions,  e-money institutions, lending services, financial advisors, and asset managers are entities obliged to comply with money laundering prevention regulations.
3. Who are the local regulatory authorities in the United Kingdom and which government authorities are responsible for the investigation and prosecuting money laundering criminal offenses?
    The National Crime Agency (NCA), Financial Conduct Authority (FCA), HM Revenue and Customs (HMRC), The Prudential Regulation Authority (PRA), Serious Fraud Office (SFO) are the main regulatory authorities in the UK.
4. What is the status of the United Kingdom’s FATF?
    The UK is one of the member states obliged to comply with the FATF Recommendations. The United Kingdom is not on the list of FATF Countries with Strategic AML deficiencies. In the UK, the last Mutual Assessment Report on the anti-money laundering was made by FATF in 2018. Based on the FATF assessment, it was highly compliant for 15 of the UK FATF 40 recommendations.
5. Did the UK comply with the European Union's 5th Anti-Money Laundering Directive?
    Yes, Although the UK is not currently a member of the European Union, it has adopted the Anti-Money Laundering Directives of the European Union and is implementing these directives.
6. What is the timeout for money laundering crimes in the United Kingdom?
    There is no time-out in the UK that money laundering criminal behavior can lead to criminal property, and prosecution can be initiated at any time. But there is a situation that crimes under the POCA do not work retroactively.
7. Which global regulations the United Kingdom have to comply with?
    The UK acts with the European Union, FATF, and various international organizations to combat financial crime. In addition, the UK has complied with anti-money laundering directives (5AMLD) in line with developments in the EU Directive, against non-EU membership.
8. What are the most popular crimes related to money laundering in the United Kingdom?
    Tax evasion, theft, fraud, bribery, terrorist financing, corruption, etc.
9. What are the AML obligations of the businesses in the United Kingdom?
    Under the POCA laws, banks and financial institutions must detect money laundering activities and the required AML checks must be made for this, eg Know Your Customer, Customer Due Diligence, Transaction Monitoring. In addition to these measures, there are also a number of reporting requirements. Apart from this, the UK must comply with the AML obligations in the European Union Anti-Money Laundering Directives.
10. What are the local AML laws and regulations in the United Kingdom?
    Proceeds of Crime Act, The Terrorism Act, Money Laundering Regulations 2017, The Fifth Anti Money Laundering Directive (5AMLD), Anti-terrorism, Crime and Security Act 2001, The Money Laundering, Terrorist Financing, and Transfer of Funds, Terrorist Asset-Freezing Act of 2010, The Criminal Finances Act of 2017, Counter-terrorism Act 2008.
11. What are the penalties for failure to comply with Anti-Money Laundering law in the United Kingdom?
    In the UK, money laundering offenses are subject to administrative fines, as well as money laundering and terrorist financing under the 2002 Proceeds of Crime Act and the 2000 Terror Act can be sentenced to up to 14 years in prison, and fraud offenses under the 2006 Fraud Act can face up to 10 years in prison.
12. What are the contact details of the relevant regulators in the United Kingdom?
    The National Crime Agency (NCA)
    Units 1- 6 Citadel Place, Tinworth Street, London SE11 5EF
    T: 0370 496 7622 

    Financial Conduct Authority (FCA)
    12 Endeavour Square, London, E20 1JN
    T: ​​​+44 (0)20 7066 1000 
    T: (+90) 212 454 00 00

    HM Revenue and Customs (HMRC)
    1 Horse Guards Road, London, SW1A 2HQ
    T: (+44) 20 7270 5454

    The Prudential Regulation Authority (PRA)
    Threadneedle Street, London, EC2R 8AH
    T: +44(0)20 3461 4444

    Serious Fraud Office (SFO)
    Serious Fraud Office, 2-4 Cockspur Street, London, SW1Y 5BS
    T: +44 (0)20 7239 7272
13. Are violations of anti-money laundering obligations also subject to criminal sanctions?
14. What can obliged institutions do to prevent money laundering and to comply with AML regulations?
    In order to reduce and identify the risks of money laundering in the UK, liable organizations need to know who their customers, partners, and employees actually are and identify their risks. In order to identify these risks, there are Know Your Customer, Customer Due Diligence, and Transaction Monitoring applications recommended by regulators in national and global regulations. Sanction Scanner ensures that its UK affiliates comply with Anti-Money Laundering laws locally and globally. Obliged organizations can meet AML requirements in customer recruitment processes with our AML Name Screening Software, and detect suspicious transactions with the Transaction Monitoring tool. You can contact us to get information about our AML solutions.