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Erschienen in:
2023 | OriginalPaper | Buchkapitel
17. AML/CFT and Cybersecurity Law in the UK
verfasst von : Felix I. Lessambo
Erschienen in: Anti-Money Laundering, Counter Financing Terrorism and Cybersecurity in the Banking Industry
Verlag: Springer Nature Switzerland
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Abstract
The FCA oversees compliance with AML regulations in the UK and has the power to investigate money laundering and terrorism financing offenses in conjunction with other law enforcement agencies and authorities, such as the Crown Prosecution Service (CPS). All banks and financial institutions in the UK must register with the FCA. The Terrorism Act imposes counter financing of terrorism obligations on banks and financial institutions, which also include customer due diligence, transaction monitoring, and reporting obligations. There is no overarching comprehensive national cybersecurity law, although the European Union’s General Data Protection Regulation (GDPR), in which the UK was a member party, came pretty close.