The United Kingdom
Despite the ongoing process of Brexit, the United Kingdom is still a Member State, and even afterwards it will keep close ties with the continental AML/CTF legislation, for instance by transposing the 5th AML Directive into its legal framework. We can utilize our unique cross-national compliance perspective to aid our clients in predicting and mitigating future compliance risks related to these ongoing political and economic processes. Naturally, we also provide more regular services, from obtaining authorisations to developing an incident reporting procedure according to the extensive requirements set in the local legislation. Additionally, we offer the service of preparation and filing of the mandatory GABRIEL report as required for Authorised- and Small Payment Institutions. For more details and available services please refer to the section Services of this website.
- Financial Conduct Authority (FCA) – for payment service providers, electronic money institutions, investment firms and funds, corporate service providers and trusts, banks.
- Prudential Regulation Authority (PRA) – for banks (together with FCA), credit unions, insurers, large investment firms.
- HM Revenue & Customs (HMRC) – for trust offices, corporate service providers, not supervised by another authority (FCA).
Financial (PSD2, PSR, EMR) and AML (4th AML Directive) legislation. The relevant national legislation consists of The Financial Services and Markets Act, The Money Laundering Regulations, the Money Laundering, Terrorist Financing and Transfer of Funds Regulations, The Proceeds of Crime Act, The Terrorism Act (2000 and 2006).
The National Crime Agency is the UK’s FIU, collecting and investigating SARs (Suspicious Activity Reports).