HM Treasury has released a report : Anti-money Laundering and Countering the Financing of Terrorism: Supervision 2020-2022.

The report, which was published in December 2022, reports on the activity and performance of legal pubic body supervisors in tackling anti-money laundering.

The key findings in the report are as follows:

  • inadequate documented policies and procedures
  • inadequate customer due diligence (CDD) procedures
  • inadequate enhanced due diligence (EDD) procedures
  • no ongoing CDD monitoring
  • no periodic review of compliance with money laundering regulations
  • inadequate firm-wide risk assessment
  • no or inadequate staff training on anti-money laundering (AML) compliance
  • inadequate record keeping
  • use of third-party policies that were not adequately tailored to the specific firm’s individual risk profile
  • inadequate resource allocated to AML compliance

Read more here.