News & Analysis as of

Risk Assessment Anti-Money Laundering United Kingdom

Hogan Lovells

Art, sanctions and suspicion: What the Ojiri case tells us about risk and responsibility in the regulated sector

Hogan Lovells on

The recent conviction of London-based art dealer Oghenochuko Ojiri marks a watershed moment for financial crime enforcement in the UK's regulated sector. For the first time, a conviction has been secured under section 21A of...more

A&O Shearman

Wolfsberg Group issues statement on the RBA for financial crime risk management

A&O Shearman on

The Wolfsberg Group (the Group) has released a statement reaffirming its commitment to the risk-based approach (RBA) for financial crime risk management. Further to its 2006 RBA guidance, and in line with the Financial Action...more

WilmerHale

Navigating the Crypto Compliance Minefield: OFSI 2025 Threat Assessment

WilmerHale on

On 21 July 2025, the UK’s Office of Financial Sanctions Implementation (OFSI) published a sector-specific Cryptoassets Threat Assessment (“the Report”), shedding light on the evolving risks and vulnerabilities in the crypto...more

K&L Gates LLP

What Legal Services Providers Need to Learn From OFSI's Legal Services Threat Assessment

K&L Gates LLP on

In its first-ever threat assessment of the UK legal sector, the UK’s Office of Financial Sanctions Implementation (OFSI) has raised red flags with regards to suspected sanctions breaches involving UK legal services providers...more

A&O Shearman

FSB letter to G20 finance ministers and central bank governors ahead of meeting

A&O Shearman on

The Financial Action Task Force (FATF) has published a second consultation on payment transparency, and in particular proposed revisions to recommendation 16 (R.16). The revisions adapt the FATF Standards to the changes in...more

American Conference Institute (ACI)

[Event] 9th Annual Canadian Forum on Global Economic Sanctions - February 26th - 27th, Toronto, ON, Canada

CI’s 9th Annual Canadian Forum on Global Economic Sanctions is designed to cover your top compliance challenges, offering unparalleled networking and benchmarking opportunities for economic sanctions, trade, financial crime,...more

Walkers

Channel Islands Regulatory Update - January 2025

Walkers on

On 5 December 2024 the UK's Sanctions (EU Exit) (Miscellaneous Amendments) (No.2) Regulations 2024 came into force. The UK Regulations are made under the UK Sanctions and Anti-Money Laundering Act 2018 ("SAMLA") and make...more

King & Spalding

FCA Fines Starling Bank Over Financial Sanctions Screening Failures

King & Spalding on

On 27 September 2024, the Financial Conduct Authority (“FCA”), imposed a financial penalty of approximately £29 million on the British bank – Starling Bank Limited (“Starling”) – for failings related to its financial crime...more

K&L Gates LLP

Challenges for Challengers – the FCA Shares Its Expectations for Financial Crime Controls at Disruptor Banks and Provides Lessons...

K&L Gates LLP on

The Financial Conduct Authority’s (FCA) expectations for challenger banks provide lessons for all in the financial service industry. Challenger banks, offering updated consumer experiences and disrupting standard practice...more

K2 Integrity

Sanctions Against Russia: Understanding the Evolving Picture and How to Respond

K2 Integrity on

...Since the start of the invasion of Ukraine by Russian forces on February 24, the United States (U.S.), United Kingdom (UK), and the European Union (EU) have led a global sanctions campaign against Russia that has been...more

King & Spalding

Anti-Money Laundering Implications for the Art Market in the UK

King & Spalding on

Introduction - The art market is characterised by high-value, portable items that can be bought and exchanged quickly and often confidentially. These features, which make the market inherently vulnerable to many types of...more

Hogan Lovells

UK FCA becomes AML/CFT crypto supervisor

Hogan Lovells on

The UK Financial Conduct Authority (FCA) has become the anti-money laundering and countering the financing of terrorism (AML/CFT) supervisor for some types of cryptoasset businesses. These will need to meet certain...more

A&O Shearman

UK Implements EU’s Fifth Anti-Money Laundering Directive

A&O Shearman on

U.K. revisions to its anti-money laundering and counter terrorist financing regime come into force on 10 January 2020. The U.K.’s revisions implement the European Union’s Fifth Anti-Money Laundering Directive, commonly...more

A&O Shearman

HM Treasury Publishes Report on Activities of Anti-Money Laundering and Counter-Terrorist Financing Supervisory Bodies

A&O Shearman on

HM Treasury has published a report on the activities undertaken by the U.K.'s anti-money laundering and counter-terrorist financing supervisory bodies in 2017-2018. The report follows the publication of the Financial Action...more

Eversheds Sutherland (US) LLP

Recent guidance brings OFAC in line with domestic and global compliance trends

On May 2, 2019, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued guidance titled “A Framework for OFAC Compliance Commitments” (Guidance), providing direction regarding what OFAC considers to...more

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