Category Financial Crime
Treasury has published the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, which were laid before Parliament late on 22 June to come into force to meet MLD4 deadlines, on 26 June. JMLSG has also published the finalised updates to its guidance, which it now needs to submit to […]
FCA’s guide can be found here. FCA has designed the guide to help firms, particularly smaller businesses, become more resilient to cyber attacks and to respond appropriately to cyber incidents. FCA has seen a significant increase in the number of material cyber incidents reported to it over the last three years: from five incidents in […]
SFO has charged Barclays Bank and 4 individuals with conspiracy to commit fraud and providing unlawful financial assistance in relation to capital raising and loan facilities relating to Qatar during 2008.
The EBA has produced a draft response to the EC’s consultation on ‘Fintech: a more competitive and innovative European Financial Sector.’ The response sets out the EBA’s views on questions in the consultation paper that fall within the scope of the work of the EBA. The EBA provided responses on the following topics: Big data […]
The International Securities Services Association (ISSA) has updated its financial crime compliance principles for securities custody and settlement. The principles focus on governance and control, due diligence and third party client business. It has produced draft contractual terms, available to members, to support implementation of the principles, and a questionnaire to provide custodians with help […]
FCA’s latest quarterly consultation proposes changes to: TC to update the list of appropriate qualifications; SUP to clarify how the requirement to have a client assets report applies to loan-based crowdfunding platforms – primarily to clarify FCA’s expectation that these firms appoint an auditor to prepare and submit a client assets report; and also to […]
FCA is consulting on changes to its Handbook and Guidance to ensure it is in line with MLD4 and the Fund Transfer Regulation. The draft MLRs that will replace the 2007 version give FCA greater supervisory powers over both regulated firms subject to the MLR and “Annex 1 financial institutions”. The changes affect only DEPP […]
JMLSG has published (on 10 June) its consultation draft of changes to the electronic money chapter within Part 2 of its guidance. It asks for comments by 20 June – justifying the short period by saying the chapter is of limited interest to the wider financial sector and has essentially been revised only to reflect MLD4 […]
The Council of the EU has adopted its position on the proposal for a Directive to set minimum rules defining criminal offences and sanctions relation to money laundering. Now the EP needs to decide on its position before negotiations towards adoption of the Directive can start.
The Basel Committee has updated its guidelines on sound management of risks relating to money laundering and the financing of terrorism to provide clearer guidance in the chapters on correspondent banking and the general guide to account opening. The new guidance includes a list of risk indicators that correspondent banks should consider, and are aimed to respond to […]