Six lenders face business limits over money laundering controls
Six unregulated lenders face restrictions after the Financial Conduct Authority (FCA) questioned their anti-money laundering controls while assessing applications. The FCA reported the measures on October 23, 2026; each firm requested them.
Lending limits and independent reviews
Kingscrown Finance Ltd accepted restrictions on April 21, 2026 and further limits on September 25, 2026, restricting existing-customer payments and requiring an orderly loan-book wind-down.
On October 7, 2026, MOMSB Ltd and Momentus Capital Ltd accepted limits on new customers, new lending and existing-customer payments, with limited lending exceptions.
Grosvenor Funding Ltd and Grosvenor Funding (North West) Ltd accepted equivalent limits on October 9, 2026, without those exceptions.
Abbital Ltd accepted restrictions on October 15, 2026 specifying when it may add customers, lend or accept existing-customer payments.
The five firms other than Kingscrown must obtain independent reviews of their anti-money laundering frameworks or controls.
Scrutiny extends to 900 firms
The FCA is assessing responses to an information request sent to around 900 registered Annex 1 firms to identify financial crime risks and determine further action.
These firms operate in sectors with heightened financial crime risks.
They must register under the Money Laundering Regulations but are not authorised or subject to wider FCA regulation.
Regulated firms dealing with them must seek direct confirmation of registration, independently check supplied information and understand and manage risks, in accordance with legislative requirements.
Registration is no substitute
Steve Smart, the FCA's executive director lead for fighting financial crime, said firms must demonstrate they can manage money laundering risks.
He said the FCA will intervene where firms cannot satisfy it.
Registration does not replace regulated counterparties' own due diligence.