Under UK law, the Proceeds of Crime Act 2002 (POCA) sets out the framework for tackling money laundering and the handling of criminal proceeds. Certain business sectors must register with supervisory bodies and comply with anti-money laundering (AML) regulations. These sectors are defined under the UK's Money Laundering, Terrorist Financing and Transfer of Funds (Information…
Read more
Business sectors that need to comply with anti-money laundering regulation
Under UK law, the Proceeds of Crime Act 2002 (POCA) sets out the framework for tackling money laundering and the handling of criminal proceeds. Certain business sectors must register with supervisory bodies and comply with anti-money laundering (AML) regulations. These sectors are defined under the UK's Money Laundering, Terrorist Financing and Transfer of Funds (Information…
Read more
Business concerns continue to plague UK SMEs
In the UK, business owners are grappling with inflation, labour shortages, access to finance, and supply chain disruptions, all of which are affecting business operations, particularly for small and medium-sized enterprises (SMEs).Inflation: Rising CostsCosts of raw materials, energy, and labour have increased, squeezing margins for businesses, especially in manufacturing, hospitality, and retail. Energy costs, fuelled…
Read more
Financial Services Compensation Scheme
In the UK, bank deposit protections are provided through the Financial Services Compensation Scheme (FSCS). The FSCS offers a safety net for consumers in the event that a bank or financial institution fails. Key points about deposit protection in the UK include: 1. Protection Limit:The FSCS protects up to £85,000 per person, per financial institution. For…
Read more