On 30 March 2023, the Government published the Economic Crime Plan 2 for 2023- 2026.
The Economic Crime Plan 2 builds on the foundations of its predecessor with new actions to improve the system-wide response to economic crime through enhanced cooperation between Government, law enforcement, supervisory agencies and the private sector.
The Economic Crime Plan
On 17 March 2023, the Joint Money Laundering Steering Group (JMLSG) published final amendments to the following text in Part II of its Guidance:
These have been submitted to HM Treasury for Ministerial approval.
A new RT Plus episode covering the FCA authorisation process is out now to stream and download.
In this episode, Head of Risk Consulting EMEA Advisory, Lisa Lee Lewis, is joined by Compliance Manager, Victoria Pridmore, to discuss various aspects of the authorisation process. They look at recent issues and updates from the FCA in
On 10 December 2021, the European Banking Authority (EBA) launched a public consultation on draft guidelines on the use of remote customer onboarding solutions.
The draft guidelines have been developed in response to the European Commission’s request in the context of its Digital Finance Strategy, published in 2020. They are also in line
On 28 October 2021, the Financial Action Task Force (FATF) published updated guidance for a risk-based approach for virtual assets (VA) and virtual asset service providers (VASP). This guidance mentions how the FATF plans to closely monitor the VA and VASP sector for any material changes that necessitate further clarification of the FATF standards. This
The Financial Action Task Force (FATF) launched a project in February 2021 which studies and mitigates the unintended consequences resulting from the incorrect implementation of the FATF Standards. There are four areas of focus for this project which are: de-risking; financial exclusion; undue targeting of NPOs; and curtailment of human rights (with a
On 26 October 2021, the Association for Financial Markets in Europe (AFME) published two Consultation Responses (CR) in response to two publications that the HM Treasury released.
The AFME is the European member of the Global Financial Markets Association (GFMA) a global alliance with the Securities Industry and Financial
On 22 October 2021, the Financial Action Task Force (FATF) published the results of its survey that was designed to identify key areas of divergence in the implementation of its AML/CFT requirements across different states, which create frictions for cross-border payments and their potential solutions. The survey results highlight, among others, that lack of a
On 20 October 2021, the Association for Financial Markets in Europe (AFME) published a paper, Anti-Money Laundering Transaction Monitoring in the Markets Sector.
Firms have already established Anti-Financial Crime programmes designed to detect suspicion of money laundering, supported by anti-money laundering (AML) transaction monitoring (TM). This has been
The latest episode of the Regulation Tomorrow Podcast is out now to stream and download.
In this episode we hear from Celia Cohen in New York who discusses privilege, particularly in the context of internal investigations; Joe Smallshaw and Catherine Pluck discuss the Frensham case and how the FCA treats non-financial misconduct; and Lisa Lee