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.
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Notes
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Annie Greenley-Giudici (2022): UK Data Protection Act & GDPR: No More Confusion, https://trustarc.com/blog/2022/06/15/uk-data-protection-act-gdpr/.
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Stephen Morris and Laura Noonan (2022): UK Regulator Warns Banks Over Threat of Russian-Sponsored Cyber-Attack, Financial Times, https://www.ft.com/content/4ead59e6-260c-445d-850c-43f54c69bef9.
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Jonathan Herbst, Simon Lovegrove, Katie Stephen (2020): Cybersecurity: Not just an IT issue, But a Regulatory One Too, https://www.nortonrosefulbright.com/en/knowledge/publications/b8178be8/cybersecurity-not-just-an-it-issue-but-a-regulatory-one-too.
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Lessambo, F.I. (2023). AML/CFT and Cybersecurity Law in the UK. In: Anti-Money Laundering, Counter Financing Terrorism and Cybersecurity in the Banking Industry. Palgrave Macmillan Studies in Banking and Financial Institutions. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-23484-2_17
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DOI: https://doi.org/10.1007/978-3-031-23484-2_17
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