HM Treasury released its annual AML/CTF Supervision Report for the period April 2022-2023, offering a timely insight into the activities of the UK’s 25 AML supervisors

These include: Total fines across 25 regulators decreased from £504 million in 2021-22 to £197 million in 2022-23, mainly due to fewer large fines by the FCA, FCA and the Gambling Commission imposing higher fines compared to HMRC and PBSs, FCA’s perspective that retail banking (including payments), wholesale banking, wealth management and crypto-asset firms pose the greatest risk of being exploited for ML…