Advisory and Transformation
AML/CTF/CPF
Industry News
The report provides insight into the work of HMT’s supervision of over 90,000 businesses ensuring they maintain strong controls.
Key highlights include:
➡️ Risk assessment and gatekeeping: 13,058 applications were received for supervision during the year and 9% of the total population was categorised as high-risk;
➡️ Monitoring: Resources dedicated to AML/CTF increased and direct supervision actions notably rose to 10% of the population from 6% in the previous year;
➡️ Enforcement: £41.5m of fines were issued across supervisors during the 2023-24 year; and
➡️ Collaboration: 481 guidance and training materials targeted at understanding ML/TF risks were shared throughout the year.
✅ Firms should review their AML/CTF control frameworks, ensuring they are both comprehensive and proportionate to the relevant risks and risk appetite of the business.
💡 Plenitude’s Advisory & Transformation Practice conducts business wide risk assessments, helping clients to assess their residual and inherent financial crime risks. Visit our website for more information: https://www.plenitudeconsulting.com/services/advisory-and-transformation
