UK FCA updated webpage on cash-based money laundering

Th UK Financial Conduct Authority (FCA) has updated its webpage on cash-based money laundering and confirmed its intention to carry out a multi-firm review in this area in the financial year 2025/2026. The webpage sets out an overview of the FCA's work to reduce money laundering through cash deposit services such as those provided by the Post Office under the terms of the Banking Framework Agreement. The FCA sets out its expectations for firms who are part of the Banking Framework Agreement, including measures in relation to transaction verification and monitoring, deposit limits, suspicious activity reports, intelligence sharing and training. More broadly, the FCA expects firms to focus on communication with their customers. As mentioned above, the FCA also confirms that it is planning a multi-firm review in the financial year 2025/2026 in relation to the financial crime risks from cash-based money laundering. This review will be broader in scope than the Post Office and will consider other routes by which cash enters the financial system.

Return to main website.