On 12 March 2024, the Financial Action Task Force (FATF) published guidance on beneficial ownership and transparency of legal arrangements.

The guidance, which is non-binding, aims to assist stakeholders from public and private sectors that regulate, supervise, enforce, form, manage, or administer trusts or similar legal arrangements. It focuses on the Recommendation 25 requirements and

On 11 March 2024, HM Treasury (HMT) published a consultation on improving the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the MLRs), which place requirements onto a range of businesses to identify and prevent money laundering and terrorist financing.

HMT committed to

On 5 March 2024, the Foreign, Commonwealth and Development Office published a post-legislative scrutiny memorandum on the Sanctions and Anti-Money Laundering Act 2018 (SAMLA). The memorandum provides a summary and preliminary assessment of the provisions and implementation of the SAMLA.

SAMLA, which received Royal Assent on 23rd May 2018, was enacted to

Money laundering is a significant risk for many firms that conduct business in the UK, but the way this risk materialises and crystalises differs depending upon, amongst other things, the nature of a firm’s business. Due to the differing risk profiles across sectors, firms must tailor their systems and controls to be able to identify

On 29 February 2024, the Economic Crime and Corporate Transparency Act 2023 (Commencement No. 2 and Transitional Provision) Regulations 2024 were made. These Regulations are the second commencement regulations made under the Economic Crime and Corporate Transparency Act 2023. They commence certain provisions in Parts 1 to 5 of that Act.

On 28 February 2024, the Financial Markets Standards Board (FMSB) published for consultation a transparency draft of a standard for client onboarding documentation and processes. The draft identifies current inefficiencies within the UK’s regulatory requirements and guidance for ‘Know Your Client’ (KYC) due diligence. The shortcomings highlighted include:

  • The guidance rarely

On 26 February 2024, the Financial Action Task Force (FATF) announced it is considering revisions to Recommendation 16 (R.16), its Interpretive Note (INR.16) and the related glossary of specific terms, to adapt them to the changes in payment business models and messaging standards.

In the press release, the FATF

In our latest Regulation Tomorrow podcast, Senior Knowledge Lawyer Catherine Pluck is joined by Senior Associate Rebecca Dulieu and Associate Lizzie Cox, both of whom specialise in regulatory investigations and enforcement, to discuss reporting obligations under the Proceeds of Crime Act 2002 (POCA), in particular how to draft and submit good quality

On 23 January 2024, the Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) Regulations 2024 (the statutory instrument (SI)) was published along with an explanatory memorandum.

The purpose of the SI is to amend regulation 33(3)(a) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

On 22 January 2024 the House of Commons Treasury Committee published the transcript from a meeting on 17 January at which it heard oral evidence to form part of the ‘Sexism in the City’ inquiry. This inquiry is examining the barriers faced by women in financial services and the progress made in removing gender pay