The Financial Crimes Enforcement Network (FinCEN) has imposed an $80m civil money penalty on broker-dealer Canaccord Genuity LLC for willful violations of the Bank Secrecy Act (BSA), marking the largest enforcement action ever taken against a broker-dealer under the anti-money laundering (AML) framework. According to the U.S Department of the Treasury, Canaccord failed to implement and maintain an effective AML programme, conduct appropriate customer due diligence (CDD), and

The Financial Action Task Force (FATF) has updated its global lists of jurisdictions with strategic deficiencies in anti-money laundering, combating the financing of terrorism and counter-proliferation finance (AML/CFT/CPF), prompting the U.S Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) to alert financial institutions to the changes. Following its February plenary meeting, FATF added Kuwait and Papua New Guinea to its list of jurisdictions under

The Financial Crimes Enforcement Network (FinCEN) has issued a limited exemptive relief order for certain financial institutions subject to its Geographic Targeting Order (GTO) covering Hennepin and Ramsey Counties, Minnesota. The GTO, which took effect on 12 February 2026, introduced enhanced recordkeeping and reporting requirements designed to support efforts to combat government benefits fraud. The targeted relief refines the scope of reporting obligations to ensure that t

On 13 February 2026, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued exceptive relief under the 2016 Customer Due Diligence (CDD) Rule, significantly reducing duplicative beneficial ownership requirements for covered financial institutions. The order removes the obligation for institutions to identify and verify the beneficial owners of a legal entity customer every time that customer opens a new account. Instead, beneficial ownership

The Financial Crimes Enforcement Network (FinCEN) has launched a dedicated whistleblower webpage to confidentially receive tips relating to fraud, money laundering and sanctions violations. The move strengthens the United States Department of the Treasury’s intelligence-led enforcement framework and signals a continued focus on leveraging insider information to combat financial crime. FinCEN’s Office of the Whistleblower will accept information concerning violations and consp

The Office of Financial Sanctions Implementation (OFSI) has published updated guidance on financial sanctions enforcement and monetary penalties, marking a significant recalibration of the UK’s sanctions compliance framework. The revisions, effective from 14 February 2026, introduce new early resolution mechanisms, clearer penalty discounts and a structured four-level seriousness model designed to enhance transparency, proportionality and predictability. The updated guidance

The Office of Financial Sanctions Implementation (OFSI) has published its response to a public consultation on significant changes to its enforcement framework, marking a material shift in how the UK enforces financial sanctions. Announced on 29 January 2026 by Giles Thomson, Director of OFSI, the revised approach is designed to deliver faster outcomes, greater transparency for firms and a more robust deterrent against sanctions breaches. The reforms follow a 2025 cross-gover

The European Banking Authority (EBA) has published an updated list of indicators used in its risk assessment and risk analysis tools, alongside a revised methodological guide. The update is designed to improve clarity and consistency in how risk indicators are calculated and interpreted across EBA publications, supporting more robust and comparable supervisory risk assessments. Importantly, the changes do not introduce any new reporting requirements for institutions or compet

The Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) have issued a joint statement providing important regulatory clarity on open banking pricing models, specifically in relation to commercial Variable Recurring Payments (cVRPs). The statement confirms that, at this stage, the regulators will not prioritise a Competition Act 1998. Investigation into the centralised access fee pricing model being developed by the UK Payments Initiative for cVRPs. Comme

The European Banking Authority (EBA) and the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) have formally completed the handover of all anti-money laundering and counter-terrorist financing mandates, effective 1 January 2026. The transition marks the end of the EBA’s standalone AML/CFT role, which began in 2020, and represents a structural shift in how the European Union oversees financial crime risks. The transfer is a core component of

The Financial Conduct Authority’s newly announced partnership with the Monetary Authority of Singapore marks a significant expansion of the UK’s global regulatory footprint and signals a strategic commitment to shaping the future of safe, responsible artificial intelligence in financial services. Unveiled at the Singapore Fintech Festival on 12 November 2025, the collaboration reinforces the UK’s ambition to lead international standards on AI governance while accelerating inn

The Payments Vision Delivery Committee has announced its strategy to shape the next generation of UK retail payments infrastructure. Bringing together the Treasury, Bank of England, Financial Conduct Authority and Payment Systems Regulator, the initiative marks a key milestone in delivering the government’s National Payments Vision and its ambition for a modern, inclusive and secure payments ecosystem. The new strategy outlines five strategic outcomes focused on innovation, c