Category Financial Crime

Financial Crime Compliance Certification Course

Bond Dickinson will be hosting and speaking at the 2017 Financial Crime Compliance Professionals Certification Course on 4 October. Attendance is limited to only 30 delegates.

Sanctions guidance updated

Treasury and OFSI have updated their guidance on financial sanctions to bring the general guidance and guidance on the relatively new monetary penalties for breach together.

Treasury updates sanctions guidance

HM Treasury and OFSI have updated their guidance on what to do in the case of a suspected breach of financial sanctions. It has published its suspected breach form, and says firms should report suspected breaches as soon as they become aware of them, including the names of all relevant parties, amounts, account names and […]

Government publishes post-Brexit sanctions plans

Treasury, the FCO and the Department for International Trade  have announced the publication of the Sanctions Bill, which will ensure the UK has the necessary powers to implement sanctions post-Brexit and also give it greater flexibility on introducing new measures. The Sanctions Bill will legislation to repatriate powers on non-UN snactions from the EU to […]

FCA looks at new technologies and AML

FCA has published the results of a survey it commissioned on emerging technologies, and how they can help firms in their AML prevention work. Firms make significant use of technology, particularly in onboarding, analytics on client screening, and saw great potential in technology helping in transaction monitoring. FCA is keen to help firms use technology […]

FCA publishes consultation on Office for Professional Body Anti-Money Laundering Supervision

FCA has published a consultation on the proposed text for a specialist sourcebook setting out the new Office for Professional Body Anti- Money Laundering Supervision’s (OPBAS) expectations in relation to anti-money laundering supervision. OPBAS will oversee 22 professional body anti money laundering supervisors such as the Law Society / Solicitors Regulation Authority and the Association […]

FCA makes new rules

At FCA’s July Board meeting it made several new rulebook instruments. Key changes are: to make minor changes to approved persons application forms with effect from 12 September; to set the fees payable to the PSR from 21 July; to amend COBS in respect of pension projections from 24 July so firms can prepare risk […]

Treasury confirms new AML super-supervisor

Treasury has confirmed how the new Office for Professional Body Anti-Money Laundering Supervision (OPBAS) will work to help supervisors and law enforcement work together more effectively to tackle money laundering. OPBAS will work to set the standards the 25 AML supervisors under the 2017 MLRs must meet. Treasury has published draft new regulations with a […]

Council suggests high-risk jurisdiction methodology

In an attempt to solve the current problems around the Commission’s proposals for a list of high-risk jurisdictions for the purposes of MLD4, the Council is now proposing a methodology  the Commission should use when proposing the list. The proposal is for a staged approach over the next few years, so does not solve the immediate […]