The world has been going through a rough patch lately, and the same can be said for the world of ID verification.

A recent survey shows that over 58% of consumers are worried about identity theft, which tops the list as the highest fraud concern in the UK. This is not surprising since nearly 1 in 10 smartphone users experience identity fraud every year.

The HM Treasury has recently launched a consultation investigating four possible new models for AML supervision. These sorts of consultations arise as the UK government try to maintain their commitment to the Economic Crime Plan 2023-2026. Currently, the UK operate out of three statuary supervisors – the FCA, HMRC and the Gambling Commission. The aim is to streamline AML supervision whilst making it more extensive. Organisations such as Opbas will be wound up to help support this imitative.

In July, the HMRC imposed fines on several businesses for failing to comply with anti-money laundering (AML) regulations. The total amount of fines issued £3.2 million.

Xpress Money in London received one of the largest fines this year, amounting to £1.4 million. This was because they did not conduct proper risk assessments, implement AML controls, or conduct due diligence checks on their clients. However, it is good to note that the number of fines has decreased by one-third since last year, showing that the market is becoming savvier when it comes to compliance issues. Nick Sharp, HMRC’s Deputy Director of Economic Crime, Fraud Investigation Service, emphasised the importance of preventing money laundering and protecting businesses from criminal attacks, adding that HMRC will continue to take action against businesses that fail to comply with the Money Laundering Regulations.