- The guidance rarely
FMSB transparency draft – Standard for client onboarding documentation and processes
FATF consults on Recommendation 16 on Payment Transparency
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
Frankfurt will be the home of the EU AMLA
On 22 February 2024, in a joint vote MEPs and EU ambassadors chose Frankfurt as the seat of the EU Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA). Nine candidates in total applied but in the vote, Frankfurt received a majority of validly cast votes on the first round of
Council of EU publishes text of political agreement on proposed AMLA Regulation, AML Regulation and 6MLD
On 14 February 2024, William van de Voorde, Chair of the Permanent Representatives Committee of the Council of the EU wrote a letter to the European Parliament’s Chair of the Committee on Economic and Monetary Affairs, which states that the Permanent Representatives Committee have reached agreement, except for one item, on the final compromise text
Published in the OJ – Delegated Regulation on the establishment of the EBA’s AML and CFT central database
On 16 February 2024, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2024/595 of 9 November 2023 supplementing Regulation (EU) No 1093/2010 with regard to regulatory technical standards (RTS) specifying the materiality of weaknesses, the type of information collected, the practical implementation of the
Council of the EU – final compromise texts – proposed AML Regulation and 6MLD
On 14 February 2024, the Council of the European Union published the final compromise text of the proposed Regulation, repealing Directive (EU) 2015/849 and proposing mechanisms to be put in place by the Member States on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. The
FCA update on reducing and preventing financial crime
On 8 February 2024, the Financial Conduct Authority (FCA) published an update on its progress in tackling financial crime, which identifies four areas of focus for the coming year.
The paper firstly summarises the FCA’s impact in the year 2022-2023, on fraud, money laundering and sanctions, as well as its coordination with firms.
New Regulation Tomorrow Plus podcast: Submitting better SARs – A guide for MLROs and in-house teams
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
The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) Regulations 2024 are published
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
Treasury Commission publishes oral evidence transcript from Sexism in the City inquiry
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