Serious Fraud Office (SFO) definition and meaning | AML glossary
Serious Fraud Office (SFO) definition: What it means in AML compliance.
The Serious Fraud Office (SFO) is a UK law enforcement agency responsible for investigating and prosecuting serious or complex fraud, bribery, and corruption. Operating independently, the SFO handles cases involving large-scale financial crime, often with international links.
What does the Serious Fraud Office do?
The SFO has the authority to:
- Investigate and prosecute serious fraud involving businesses, financial institutions, and individuals.
- Enforce anti-bribery and corruption laws, particularly under the Bribery Act 2010.
- Use “Section 2” powers to compel individuals and companies to provide documents and information.
- Recover criminal assets through confiscation and civil recovery proceedings.
Notable Serious Fraud Office investigations.
The SFO has led major investigations into financial misconduct, including cases involving global banks, corporate fraud, and bribery scandals. Some high-profile cases include investigations into Rolls-Royce, Glencore, and Barclays.
How businesses can mitigate risks from the Serious Fraud Office?
To avoid enforcement action, businesses must:
- Maintain strong compliance programmes to prevent fraud and bribery.
- Conduct enhanced due diligence (EDD) on high-risk transactions and third parties.
- Implement robust reporting mechanisms to detect suspicious financial activity.
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