In June, HM Treasury issued its response to its October 2021 consultation on amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs 2017). The response contained a number of updates to the MLRs 2017 which, for the most part, come into force on 1 September 2022. … Continue Reading
On 24 June 2022, HM Treasury published two post-implementation reviews and a forward looking review of the UK’s anti-money laundering and countering the financing of terrorism (AML/CFT) regime. The post implementation reviews fulfill HM Treasury’s statutory obligations and cover the Money Laundering Regulations 2017 (MLRs 2017) and the Office for Professional Body AML Supervision Regulations … Continue Reading
On 17 June 2022, the National Crime Agency (NCA) and the UK Financial Intelligence Unit (UKFIU) published updated guidance on suspicious activity report (SAR) glossary codes and reporting routes. The key points outlined in the updated guidance are as follows: The glossary codes are crucial for enabling the UKFIU and wider law enforcement to conduct … Continue Reading
On 15 June 2022, HM Treasury published a draft of The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 together with a draft explanatory memorandum. The draft statutory instrument follows HM Treasury’s response document concerning amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. … Continue Reading
On 15 June 2022, HM Treasury issued its response document to its October 2021 consultation on the steps the government proposes to take to amend the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs 2017). The consultation was undertaken at the same time HM Treasury issued a call … Continue Reading
As the economy starts to recover following the impact of the COVID-19 pandemic, regulatory changes are under way in the anti-money laundering and market abuse space. In addition, the events in Ukraine, and the wide range of financial sanctions imposed on Russia in response, are having a significant impact on financial markets and must now … Continue Reading
On 31 March 2022, the European Parliament announced that the Committee on Economic and Monetary Affairs (ECON) and the Committee on Civil Liberties (LIBE) had adopted their position on the proposed Regulation on information accompanying transfers of funds and certain cryptoassets. The draft Regulation is part of the European Commission’s new anti-money laundering package and … Continue Reading
On 29 March 2022, the Wolfsberg Group published its guidance on digital customer lifecycle risk management. This guidance explores how non face-to-face customer interaction could be considered a standard, or even lower risk channel for a financial institution, by further developing three core anti-money laundering / countering the financing of terrorism controls: More effective identification, … Continue Reading
On 28 March 2022, there was published on the legislation.gov.uk website The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) Regulations 2022 (No. 393) together with an explanatory memorandum. This statutory instrument amends the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the MLRs) by substituting the list of … Continue Reading
On 22 March 2022, the European Banking Authority (EBA) published the findings from its assessment of Member State competent authorities’ (NCAs) approaches to anti-money laundering and countering the financing of terrorism (AML/CFT) supervision, but the EBA has found that significant challenges remain in key areas such as the identification and assessment of money laundering (ML) … Continue Reading
On 17 March 2022, HM Treasury published an updated advisory notice regarding the risks posed by jurisdictions with unsatisfactory money laundering and terrorist financing controls. The advisory notice replaces all previous notices issued by HM Treasury on the subject. The list of jurisdictions replicates those countries listed by the Financial Action Task Force (FATF) as … Continue Reading
On 15 March 2022, the Joint Money Laundering Steering Group (JMLSG) reported that Ministerial approval had been given to the following revisions to its guidance: Part I Chapter 5.7 (Monitoring customer activity) – updated Chapter. Part II Sector 15 (Trade Finance) – updated sectorial piece. Part II Sector 16 (Correspondent Relationships) – revised first page. … Continue Reading
On 28 February 2022, there was published on the UK government’s website The Economic Crime (Transparency and Enforcement) Bill 2022 (Bill) and a factsheet regarding the Register of Overseas Entities. The Bill has three main objectives: Prevent and combat the use of land in the UK for money laundering purposes by increasing the transparency of … Continue Reading
