PIMFA
FINANCIAL CRIME
Financial Crime is broadly any criminal conduct relating to money or financial services, including, for example, fraud, money laundering, the misuse of information (such as insider trading), bribery and corruption, handling the proceeds of crime, financing terrorism, or cybercrime. According to the Office of National Statistics, there were c.4.2 million fraud incidents in England and Wales during the year to March 2025 a 31% rise on the previous year.
The PIMFA Financial Crime Committee facilitates discussion across all significant matters of financial crime, ensuring that member firms are kept fully informed and compliant with legislative and regulatory developments and are provided with the latest intelligence, approaches and tools to combat financial crime effectively.
The guide in collaboration with Avyse offers practical, risk-based examples and recommendations tailored to the specific structures, client profiles, and transaction patterns typically found in the investment and wealth management sector
latest news
HM Treasury Guidance: Using digital identities with the Money Laundering Regulations
HM Treasury (HMT) has published guidance for regulated sectors regulated under the Money Laundering Regulations (MLRs) to provide clarity on:
- The definition of a digital identity and gives further detail on how digital identities can be used in line with the MLRs’ risk-based approach
- How MLR requirements interact with the UK digital verification services trust framework and the associated governance structure underpinned by the Data (Use and Access) Act 2025
Access the guidance here.
Joint Money Laundering Steering Group amendments to Part 1 of Guidance
The Joint Money Laundering Steering Group (JMLSG) has published final amendments to various paragraphs within Part I of its Guidance (including revisions to paragraphs 6.90-6.99, 3.11-3.13 and 3.36). These revisions have been submitted to HMT for approval.
FCA Fighting financial crime: FCA Firm Checker
The FCA has requested firms to link to the FCA Firm Checker (rather than the FCA Register) on consumer-facing webpages to make it easier for people to confirm if a firm is authorised and helps them to avoid scams.
Firms are advised the Register will remain in place as the full regulatory record of the authorised financial services firm and individual population.
Home Office progress report from the Chair of the Independent Review of Disclosure and Fraud Offences
The Home Office has published a progress update from the Chair of the Independent Review of Disclosure and Fraud Offices.
The report identifies several systemic issues including weak deterrence, fragmented enforcement structures and persistent gaps in the framework governing corporate and platform accountability.
The growing impact of emerging technologies that enable criminals to operate at scale and with increasing sophistication, often from outside UK, was also highlighted.
Access the report here
