The Financial Action Task Force (FATF) has published updated guidance on financial inclusion and anti-money laundering (AML) and counter-terrorist financing (CTF) measures. The guidance encourages countries and financial institutions to implement proportionate, risk-based approaches to expand access to formal financial services, particularly for underserved and vulnerable populations. It follows revisions to Recommendation 1 of the FATF Standards, which reinforce the expectation that AML/CTF controls should be applied using a risk-based approach and promote financial inclusion. The guidance introduces a revised assessment methodology to ensure that future evaluations focus on the practical application of risk-based AML/CTF measures.

The latest Financial Action Task Force (FATF) plenary has announced, among other developments, that it has approved revisions to Recommendation 16 of the FATF Standards on strengthening payment transparency, in addition to endorsing new guidance on financial inclusion and the risk-based approach (RBA). The guidance includes approaches to address de-risking and the application of simplified due diligence (SDD). At the same time, the FATF has revised its assessment methodology to bring it in line with changes to Recommendation 1 of its Standards.

The Financial Conduct Authority (FCA) has published finalised guidance (FG25/3) on the treatment of politically exposed persons (PEPs) under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 (MLRs).  The guidance follows consultation GC24/4 and should be read in conjunction with the FCA’s multi-firm review on the treatment of PEPs, both published in 2024. It confirms that the existing framework remains broadly appropriate, with amendments made to reflect legislative changes and stakeholder feedback. The guidance outlines how firms should apply a risk-based approach to identifying and managing PEPs, including domestic PEPs, their family members, and known close associates.

The Financial Conduct Authority (FCA) has fined Guaranty Trust Bank (UK) Limited (GT Bank) £7,671,800 for serious weaknesses in its anti-money laundering (AML) systems and controls between October 2014 and July 2019. During the relevant period, GT Bank failed to undertake adequate customer risk assessments, often not assessing or documenting the money laundering risks posed by its customers. The bank also failed to monitor customer transactions and business relationships to the required standard. These weaknesses were repeatedly highlighted to GT Bank by internal and external sources, including the FCA, but despite this, GT Bank failed to take appropriate action to fix them.

The Financial Conduct Authority (FCA) has published a revised version of its FG25/3 guidance on politically exposed persons (PEPs) on 15 July 2025. The update clarifies that firms should not treat non-executive board members of UK civil service departments as PEPs for anti-money laundering purposes. This revision adds guidance that was intended for inclusion in the original 7 July 2025 publication.

The Joint Money Laundering Steering Group (JMLSG) has published revisions to Part II Sector 18 (Wholesale markets) of its Guidance. The revisions have been submitted to HM Treasury for Ministerial approval, and may be accessed under the ‘Revisions’ tab.

Ireland-Banking & Financial Services analysis: This article was written by A&L Goodbody’s Financial Regulation Advisory Team. It examines the EU Anti-Money Laundering Authority's (AMLA) consultations on three draft regulatory technical standards (RTS) relating to customer due diligence (CDD), the identification of business relationships and linked transactions, and the application of pecuniary sanctions and administrative measures. It also outlines AMLA's Single Programming Document for 2026-2028, including its priorities for regulatory rulemaking, direct and indirect supervision, financial intelligence unit coordination and the development of EU-wide anti-money laundering (AML) and countering the financing of terrorism (CFT) risk frameworks.

In a step towards the establishment and operation of the EU’s Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA), the European Parliament’s Committee on Economic and Monetary Affairs (ECON) and Committee on Civil Liberties, Justice and Home Affairs have published a report approving the proposal for the appointment of Ms Bruna Szego as AMLA’s Chair.

This Practice Note considers the EU’s Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA). It sets out: • AMLA’s role • the statutory framework governing AMLA—Regulation (EU) 2024/1620 of the European Parliament and of the Council of 31 May 2024 establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism and amending Regulations (EU) 1093/2010, (EU) 1094/2010 and (EU) 1095/2010 (the AML Agency Regulation (AMLAR)) • key operative dates • AMLA’s governance and decision-making • the EU’s Central AML/CTF Database, and • AMLA’s funding and annual financial levy For further information on financial services firms in scope of AMLA’s direct supervision, known as Selected Obliged Entities, see Practice Note: AMLA: direct supervision of qualifying financial services firms. This includes: the criteria and selection process AMLA will use to determine which Credit and Financial Institutions it will directly supervise and AMLA’s supervisory and enforcement powers. Overview AMLA is an EU-level central supervisory body based in Frankfurt which commenced operations in early 2025. AMLA forms the basis of an integrated, centralised and uniform EU anti-money

This Practice Note considers direct supervision by the EU’s Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) of financial services firms which have the highest risk profiles in several EU Member States, falling within the definition of ‘Selected Obliged Entities’, for compliance with the EU’s anti-money laundering (AML) and countering the financing of terrorism (CTF) framework, including the EU’s financial sanctions framework. In relation to AMLA’s direct supervision of Selected Obliged Entities (SOEs), it sets out: • the legislative basis for AMLA’s direct supervision—Regulation (EU) 2024/1620 of the European Parliament and of the Council of 31 May 2024 establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism and amending Regulations (EU) 1093/2010, (EU) 1094/2010 and (EU) 1095/2010 (the AML Agency Regulation (AMLAR)) • key operative dates • the criteria and selection process AMLA will use to determine which credit and financial institutions, including cryptoasset providers (CASPs), it will directly supervise for compliance with the EU’s AML/CTF framework • AMLA’s supervisory powers, and • AMLA’s disciplinary and enforcement powers This

The Association of Member Nominated Trustees (AMNT) has published its response to the fourth annual Sole Trustee survey report carried out by Lane Clark and Peacock (LCP)  which focuses on the growth and evolving trends in both the Professional Trustee and Professional Sole Trustee markets over the past year.  While the AMNT is pleased with the high quality of the LCP survey in its analysis of the current landscape of the Professional Trustee and Sole Trustee market, it has expressed its concerns over the consistent lack of governance of the Sole Trustee model and cautions that the regulatory framework must be updated in order to ensure proper oversight and protection for members. AMNT refers to a number of issues that need to be addressed urgently by the report. These include that that there needs to be greater transparency and oversight on the trustee appointment as on average 30% of Professional Trustees and 40% of Sole Trustees do not have to face a tender process.  AMNT believes the Pensions Regulator needs to act on this and on the development of  “streamlined sole trusteeship”, where professional trustee firms offer a range of other scheme services which may stray outside the regulatory regime. The AMNT has further misgivings about the pace of change of modern trusteeship with a lagging regulatory framework, including what it sees as  ‘no meaningful safeguards’ over who can be appointed as a sole trustee.

Advanced Manufacturing Research Centre: The aerospace equivalent of the Nuclear AMRC, based on an adjacent site in Rotherham.