The Payment Systems Regulator (PSR) has announced a significant regulatory intervention aimed at improving transparency, governance and oversight in the UK card payments market, following concerns over rising scheme and processing fees charged by Visa and Mastercard. The measures mark a decisive step to address what the regulator has identified as a lack of effective competition and insufficient fee transparency. Card payments play a central role in the UK economy, yet the PS

The Financial Conduct Authority has launched a wide ranging consultation on proposals that will shape the next phase of the UK’s cryptoasset regulatory framework, signalling a decisive move towards bringing crypto markets closer to traditional financial services standards. Published on 16 December 2025, the consultation forms part of the FCA’s crypto roadmap and aligns with new government legislation laid on 15 December, reinforcing the UK’s ambition to create an open, compet

A Politically Exposed Person (PEP) is an individual entrusted with a prominent public function who may present a heightened risk of...

The Financial Conduct Authority has imposed a £44 million fine on Nationwide Building Society for significant failures in its financial crime systems and controls, reinforcing the regulator’s uncompromising stance on anti-money laundering governance across the UK banking sector. The penalty relates to weaknesses that persisted between October 2016 and July 2021, during which Nationwide was unable to effectively identify, assess, monitor, or manage money laundering risks withi

The Financial Conduct Authority has introduced Firm Checker, a new consumer-facing verification tool designed to curb the rising scale of investment and pensions-related scams. With FCA research indicating that around 800,000 people reported losses to scams in the 12 months to May 2024, the launch represents a significant escalation in the regulator’s strategy to shield consumers from sophisticated fraud tactics. Firm Checker enables users to confirm whether a financial servi

The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has imposed a civil money penalty of $3.5 million on Paxful Inc. and Paxful USA Inc. after identifying extensive and prolonged breaches of the Bank Secrecy Act. The peer-to-peer virtual currency platform facilitated more than $500 million in suspicious transactions linked to illicit actors and high-risk jurisdictions, including Iran, North Korea, and Venezuela, as well as payments associated with B

AI-generated fable remix: the tortoise plays it safe, the robot hare bolts ahead, but who is the ultimate winner? Generative AI, once a...

The Financial Crimes Enforcement Network (FinCEN) has released a new Financial Trend Analysis examining ransomware activity captured in Bank Secrecy Act reporting between 2022 and 2024. The analysis identifies more than 2.1 billion dollars in ransomware payments over the three-year period and confirms that 2023 marked an unprecedented peak in both reported incidents and associated financial losses. According to FinCEN Director Andrea Gacki, timely suspicious activity reportin

The Justice Department has announced the seizure of tickmilleas.com , a fraudulent web domain linked to the Tai Chang scam compound in Kyaukhat, Burma. The site posed as a legitimate cryptocurrency investment platform and was used to lure victims into depositing their funds, which were then diverted through sophisticated fraud and money laundering schemes. The action forms part of the accelerating crackdown on cryptocurrency investment fraud, a threat that continues to genera

The Financial Conduct Authority has delivered its first-ever enforcement action against a professional body supervisor, publicly censuring the Institute of Certified Bookkeepers for significant and prolonged failings in its anti money laundering supervision. As the body responsible for overseeing the AML compliance of more than 3,000 bookkeepers under the Money Laundering Regulations 2017, the Institute’s shortcomings created heightened risks of money laundering exposure acro

The assumption that bribery and corruption are more prevalent in developing nations has been a longstanding tenet of both media...