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
ECCTA Information Sharing Guide
FCA – Speech: The Unseen Fight Against Financial Crime
The FCA has published a speech by Therese Chambers (joint Executive Director of Enforcement and Market Oversight) about financial crime enforcement.
Ms Chambers noted:
- that technology and AI are accelerating the pace and scale of financial crime
- the FCA’s approach to combating financial crime encompasses a broad range of intervention tools including own initiative requirements, skilled person reviews and voluntary requirements
- the importance of cooperation between regulators, law enforcement and industry to close the gaps exploited by criminals
Read the full speech here
HM Government – The Money Laundering and Terrorist Financing (Amendment) Regulations 2026
The Money Laundering and Terrorist Financing (Amendment) Regulations 2026 have been made.
This Statutory Instrument (SI) amends the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 for purposes such as strengthening the regime for cryptoasset businesses, and aligning these arrangements with the new financial services regulatory regime for cryptoassets, such as
- Refining customer due diligence, enhanced due diligence and additional due diligence requirements, including for unusually complex or unusually large transactions, high risk jurisdictions and pooled client accounts and cryptoasset correspondent relationships.
- Reforming the Trust Registration Service requirements to close identified gaps, while introducing a de minimis exemption for low-value, low-risk trusts.
- Enhancing information-sharing and cooperation between AML/CTF supervisors and other public bodies.
From Tick Box to Decision Tool – Rethinking Financial Crime Risk Assessments
Read this article from the PIMFA Journal #33 by Priya Giuliani at HKA about Rethinking Financial Crime Risk Assessments
Financial Conduct Authority Introduction to Anti-Money Laundering regulations for cryptoasset firms
The Financial Conduct Authority (FCA) has published a question and answer (Q&A) document concerning anti-money laundering (AML) regulations in relation to cryptoasset activity.
The FCA addresses areas including AML governance and framework design, money laundering reporting officer and senior management arrangements, crypto-specific risk assessment and typologies, transaction monitoring, blockchain analytics, sanctions, fraud and broader financial crime controls.
Read the Q&A document here