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 … Continue Reading
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.… Continue Reading
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 … Continue Reading
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 with the … Continue Reading
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 … Continue Reading
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 focus on due … Continue Reading
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 Markets Association (SIFMA) in the US, … Continue Reading
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 … Continue Reading
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 a regulatory requirement for financial services firms across Europe … Continue Reading
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 … Continue Reading
On 30 September 2021, UK Finance published Anti-Bribery and Corruption Compliance – Definition of public officials. The purpose of the paper is to establish practical and risk-based guidance on the definition of public officials for the purposes of anti-bribery and corruption (ABC) compliance. The paper has been written with a UK legislative lens but is … Continue Reading
On 9 September 2021, the PRA and FCA co-published a Dear CEO letter on trade finance activity. The Dear CEO letter reports that during the past 18 months there have been several high-profile failures of commodity and trade finance firms with significant financial loss. The PRA and FCA (together the regulators) remind firms that they … Continue Reading
On 31 August, the FCA published a statement on its website reminding firms about the financial crime risks linked to Afghanistan. The FCA reminds firms that they must establish and maintain systems and controls to mitigate the risk that they could be used to further financial crime. The FCA also cites the obligations under the … Continue Reading
The bumper crop of podcasts continues this week with the release of Episode 10 of the Regulation Tomorrow monthly podcast. In this episode we hear from Norton Rose Fulbright’s US Head of Fintech, Steve Aschettino, who gives an overview of the payments landscape in the US and some of the prevailing trends in the area. … Continue Reading
On 6 August 2021, the European Securities and Markets Authority updated its Q&As on the Market Abuse Regulation. Specifically ESMA has inserted answers to the following new questions all dealing with the disclosure of inside information: Q5. 8 – Interaction between MAR and Credit Rating Agencies Regulation. Q5. 9 – Disclosure to the public of … Continue Reading
On 2 August 2021, the European Banking Authority (EBA) launched a public consultation on new guidelines on the role, tasks and responsibilities of anti-money laundering and countering the financing of terrorism (AML/CFT) compliance officers. When finalised the guidelines apply to financial sector operators as defined in Article 4(1a) of Regulation (EU) No 1093/201019. The draft … Continue Reading
This Treasury’s consultation invites views and evidence on the steps that the government proposes to take to amend the MLRs. The amendments are required to ensure that the UK continues to meet international standards set by the Financial Action Task Force, whilst also strengthening and ensuring clarity on how the anti-money laundering regime operates, following … Continue Reading
On 20 July 2021, the European Commission published a package of legislative proposals designed to strengthen the EU’s anti-money laundering and countering the financing of terrorism (AML/CFT) rules. The legislative package consists of a: Regulation establishing a new EU AML/CFT Authority. In the financial sector, this new European Authority directly supervise financial sector entities that … Continue Reading
On 12 July 2021, there was published on the legislation.gov.uk website The Money Laundering and Terrorist Financing (Amendment) (No. 2) (High-Risk Countries) Regulations 2021. These Regulations amend the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRS) by substituting the list of high-risk third countries in Schedule 3ZA for … Continue Reading
On 12 July 2021, HM Treasury issued an updated advisory notice regarding the risks posed by jurisdictions with unsatisfactory money laundering and terrorist financing controls. The Money Laundering and Terrorist Financing (Amendment) (No.2) (High-Risk Countries) Regulations 2021 will come into force on 13 July 2021 and will amend the list of High-Risk Third Countries specified … Continue Reading
On 29 June 2021, the FCA published a Dear CEO letter that it had issued detailing common themes coming out of its recent assessments of retail banks’ financial crime systems and controls. In the Dear CEO letter the FCA reminds firms that the Senior Managers and Certification Regime (SMCR) places a responsibility on all senior … Continue Reading
On 7 June 2021, there was published on the legislation.gov.uk website The Proceeds of Crime Act 2002 (References to Financial Investigators) (England and Wales and Northern Ireland) Order 2021 together with an explanatory memorandum. The Proceeds of Crime Act 2002 (2002 Act) provides for a system of accreditation for financial investigators, who are known as … Continue Reading
On 3 June 2021, the FCA issued a statement on its website confirming that it is extending the end date of the temporary registrations regime (TRR) for existing crypto-asset businesses from 9 July 2021 to 31 March 2022. The FCA adds that: The TRR was established last year to allow existing crypto-asset firms that applied … Continue Reading
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 financial crime … Continue Reading
