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
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
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
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.
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:
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)
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
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:
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
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