Story thread · 2 reports / 2 sources

UK financial services face AML enforcement, certification confusion double-whammy

biometricupdate.com · 2hShare

The UK will add 500 new officers to its AML enforcement team as part of a crackdown on “dirty money networks.” The strategy also includes investments in intelligence capabilities and advanced technologies. But a glaring problem with determining Regulatory guidance on how businesses should complete digital identity verification to stay compliant with AML regulations is inconsistent. HM Treasury’s guidance direct financial service providers to Digital Verification Service (DVS) providers certified in the UK. The Financial Conduct Authority (FCA) The government says it will invest 500 million pounds (roughly US$667 million) under its new “ Anti-money laundering and asset recovery strategy 2026-2029 .” Money laundering through the UK and its corporate structures surpasses £100 billion ($133 billion) a year, according to National Crime Agency (NCA) figures. BioCatch Director of Global Advisory for EMEA says “the real test will be whether it helps stop illicit funds entering and moving throu

First report: UK Shifts AML Focus to Disrupting Illicit, Tech-Enabled Networks — pymnts.com, 1d