FIN.

MLR Bank Account Portal not yet ready

FCA has confirmed that the Bank Account Portal, which is being set up under the MLRs to enable credit institutions and providers of safe custody services to respond to requests for information from a law enforcement authority or the Gambling Commission, is not yet ready. It expects an update from Treasury in early 2021, at which point firms will also be given notice of the proposed operational date and given an opportunity to engage with the regulators in advance of being required to make use of it to comply with the MLRs.  For the record, FCA has confirmed that firms are not expected to comply with the relevant provisions of the MLR, which took effect on 10 September.

Emma Radmore