All FSMA-authorised firms, with the exception of mortgage brokers, general insurers and general insurance brokers, are also subject to our specific anti-money laundering (AML) rules and guidance in SYSC 3.2.6 A.R. – SYSC 3.2.6 JG for insurers and managing agents) and SYSC 6.3 (for other firms). In addition, all firms subject to the Money Laundering Regulations 2007 must put in place systems and controls to identify, assess and mitigate money laundering. It is an offence if firms do not disclose suspicions of money laundering.
We regulate and supervise firms’ compliance with their legal and regulatory anti-money laundering obligations. If a firm is found to not be sufficiently compliant with their obligations, we can take enforcement action. Although we are not the primary prosecutor for money laundering offences, we can prosecute such offences.
We also issue regulatory guidance on how firms can comply with their legal and regulatory AML obligations.
Recent enforcement cases relating to money laundering
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