The Laundry31 Jan 2023

E44: How the ridiculous UK business register fuels financial crime

Guess where the business name 'Adolf Tooth-Fairy Hitler' is registered?

Registering a business at Companies House, the official business registry in the UK is an easy, quick, and affordable process. However, strange business owner names like 'Adolf Tooth-Fairy Hitler' appear in the organisation's database, suggesting that limited checks are being conducted and reveal a system vulnerable to criminal manipulation.

In this episode, we will be exploring the vulnerability of the UK's company registration system to criminal manipulation.

We have Graham Barrow, co-host of "The Dark Money Files" podcast and a long-standing expert in the anti-money laundering world. He will help us look into the groups of criminals behind this issue, the countries affected, and the measures being taken to address the vulnerabilities of the Companies House system. We will also discuss digital reforms to the Companies House, the EU's new UBO ruling, and the craziest company names registered with Companies House.

From this episode, you'll learn:

02:22 - What kind of criminal manipulation is Companies House vulnerable to?

03:19 - How are UK-registered companies been misused in money-laundering scandals?

04:50 - What groups of criminals are behind this?

06:13 - Why should Nordic AML and compliance officers care about what's going on in CH?

08:29 - Are there any examples of this affecting Nordic banks?

12:38 - What are the worst examples Graham has seen?

17:23 - Do UK banks know this and accept a Companies House registration as good validation?

18:54 - What measures are being taken to address the vulnerabilities of the Companies House system?

20:48 - What are some of the most misused addresses/streets in the UK on Company House?

24:29 - What is Risk Alert 247?

28:10 - What are some of the compliance trends for 2023 from a UK perspective?

Tune in to find out more!

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