As the world becomes increasingly connected, the threat of money laundering has grown, leading to stricter Anti-Money Laundering (AML) regulations in the UK. In this article, we will answer some commonly asked questions about AML regulations in the UK.
The main AML laws in the UK are the Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations 2017, in addition to the Financial Services and Markets Act 2000 (FSMA), Financial Services and Markets Act 2000, Terrorism Act 2000, Anti-Terrorism, Crime, and Security Act 2001, Counter-Terrorism Act 2008, Proceeds of Crime Act 2002, and the FCA Handbook for FCA regulated firms.
In the UK, AML is regulated by several different bodies, including the Prudential Regulation Authority (PRA), the Financial Conduct Authority (FCA), the Gambling Commission, and HM Revenue & Customs (HMRC). The FCA is responsible for regulating financial institutions, including banks and payment service providers, while the Gambling Commission regulates casinos and other gambling businesses.
Under UK law, several industries are required to comply with AML regulations, including financial institutions, gambling businesses, money service businesses, crypto businesses, legal professionals, accountants, bookkeepers, tax advisers and other financial advisers, high-value dealers etc.
To comply with UK AML requirements, businesses must develop and implement policies, controls and procedures to reduce the risk of being used in connection with ML and TF. Senior management is responsible for ensuring effective operations of the implemented controls and adequate resources devoted to AML/CTF. In particular, they must also conduct customer due diligence and ongoing monitoring of their customers. Additionally, businesses must train their employees on AML regulations and appoint a Money Laundering Reporting Officer (MLRO).
To stay compliant, businesses can partner with AML solution platforms. One such platform is Sumsub, which offers a comprehensive suite of AML compliance technologies that help businesses meet their regulatory obligations quickly and easily.
Log in to access complimentary passes or discounts and access exclusive content as part of your membership. An auto-login link will be sent directly to your email.
We use an auto-login link to ensure optimum security for your members hub. Simply enter your professional work e-mail address into the input area and you’ll receive a link to directly access your account.
Instead of using passwords, we e-mail you a link to log in to the site. This allows us to automatically verify you and apply member benefits based on your e-mail domain name.
Please click the button below which relates to the issue you’re having.
Sometimes our e-mails end up in spam. Make sure to check your spam folder for e-mails from The Payments Association
Most modern e-mail clients now separate e-mails into different tabs. For example, Outlook has an “Other” tab, and Gmail has tabs for different types of e-mails, such as promotional.
For security reasons the link will expire after 60 minutes. Try submitting the login form again and wait a few seconds for the e-mail to arrive.
The link will only work one time – once it’s been clicked, the link won’t log you in again. Instead, you’ll need to go back to the login screen and generate a new link.
Make sure you’re clicking the link on the most recent e-mail that’s been sent to you. We recommend deleting the e-mail once you’ve clicked the link.
Some security systems will automatically click on links in e-mails to check for phishing, malware, viruses and other malicious threats. If these have been clicked, it won’t work when you try to click on the link.
For security reasons, e-mail address changes can only be complete by your Member Engagement Manager. Please contact the team directly for further help.
