Category: Banking

Regulatory Watch News

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  Fraudscape 2025: Reported fraud hits record levels

  CIFAS

  April 3, 2025

    Cifas, the UK’s leading fraud prevention service, has published its annual Fraudscape report today (3 April) which reveals a staggering 421,000 cases were filed to the National Fraud Database (NFD) in 2024 – a 13% increase and the highest number on record. The sharp rise is one of the largest annual increases ever observed by Cifas, underscoring the growing scale and complexity of fraud in the UK. Its members also recorded a case to the NFD every two minutes, preventing over £2.1bn in fraud losses.

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  An administrative penalty of €1,054,269 against Virtual Asset Service Provider (VASP)

  FIAU

  April 3, 2025

    An administrative penalty of €1,054,269 against OKCoin Europe Limited ,and a Follow-Up Directive in terms of Regulation 21 of the Prevention of Money Laundering and Funding of Terrorism Regulations (the PMLFTR)

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  OFSI Legal Services Threat Assessment Report published

  OFSI

  April 3, 2025

  Today, OFSI published its Legal Services Threat Assessment Report. The report identifies key evasion threats, red flags that businesses should be aware of, and observations on areas where compliance could be strengthened. 

  This is the second in a series of Threat Assessment Reports OFSI have produced.