Tracks financial services regulatory developments and provides insight and commentary
On 19 May 2021, the Joint Money Laundering Steering Group (JMLSG) published provisional updates to its Part II Guidance Trade Finance chapter (chapter 15).
A number of the proposed changes clarify the definition of trade finance products/services, and how these can be used to facilitate global trade. In addition, material updates to the…
On 4 May 2021, the UK Government and UK Finance published a joint Statement of Progress against their Economic Crime Plan, covering the period from its launch in July 2019 to February 2021.
The Plan was originally launched to help the UK tackle fraud and economic crime, and it is divided into 7 Strategic Priority…
2021 Financial crime Outlook series
Senior management and boards are increasingly acknowledging the threat of financial crime as a critical risk to their business that must be addressed. This has been exacerbated in the last 12 months through the impact of the pandemic as well as rising domestic and international tensions. Our financial crime compliance…
On 31 March 2021, the UK’s Financial Conduct Authority (FCA) published a Policy Statement which expands the scope of its annual financial crime data return (REP-CRIM) to almost three times as many firms from circa 2,500 to circa 7,000. New firms will be obliged to participate in REP-CRIM from 30 March…
On 19 March 2021, the Financial Action Task Force (FATF) issued a public consultation on proposed revisions to its 2019 guidance on the risk-based approach to virtual assets (VAs) and virtual asset service providers (VASPs).
The FATF is proposing to update its guidance in order to:
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On 18 March 2021, the Financial Action Task Force (FATF) announced that in February it had launched a new project to study and mitigate the unintended consequences resulting from the incorrect implementation of the FATF Standards. The project will look at four areas:
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On 17 March 2021, the European Banking Authority (EBA) issued a consultation paper setting out proposed changes to its guidelines on risk-based supervision of credit and financial institutions’ compliance with anti-money laundering and countering the financing of terrorism (AML/CFT) obligations.
Article 48(10) of the Fourth Anti-Money Laundering Directive requires the EBA…
On 11 March 2021 the Financial Action Task Force (FATF) and Egmont Group published a joint report on trade-based money laundering (TBML) risk indicators. This follows on from a report published in December last year by the same bodies highlighting pertinent trends and developments with respect to TBML for market participants…
2021 Financial crime Outlook series
Senior management and boards are increasingly acknowledging the threat of financial crime as a critical risk to their business that must be addressed. This has been exacerbated in the last 12 months through the impact of the pandemic as well as rising domestic and international tensions. Our financial crime compliance…
On 4 March 2021 the Financial Action Task Force (FATF) released new guidance aimed at supporting the application of a risk-based approach to anti-money laundering (AML) and counter terrorist financing (CTF) supervision. This builds on previous guidance released in 2015, but widens the scope of the guidance to enhance…
