Category Financial Crime

Complaints Commissioner concerned about information sharing between FOS and FCA

In a recent report the Complaints Commissioner expressed concern about the absence of published information about how and in what circumstances information about live ombudsman cases may be shared between the FOS and the FCA. The complaint alleged that the FCA illegally influenced the FOS in its handling of complaints against a firm represented by […]

FCA sets out supervision and enforcement approach

FCA has published a draft of its approach to enforcement and supervision. The documents follow its publication of its Mission, in which it committed to publishing a series of documents setting out how it carries out its main activities. The approach to supervision explains FCA’s commitment to being forward-looking and pre-emptive, focusing on firms’ cultures […]

FATF reports to G20

FATF has reported on its work and priorities to the G20 Finance Ministers and Central Bank Governors meeting. The report covers its recent and future work on key initiatives, including improving transparency in beneficial ownership information, bank derisking, and the risks and opportunities of fintech, regtech and virtual currencies.

SFO speaks on DPAs and investigations

Camilla de Silver of the SFO has spoken on prosecutors’ priorities. She started by noting the role of her audience in getting in place policies and procedures that would be adequate to provide a defence to an allegation of breach of s7 Bribery Act.  She commented that, to date, SFO has not come across a […]

FPC updates financial stability outlook

In its latest meeting, the Financial Policy Committee focused on: the outlook for UK financial stability generally: it thought these were standard, excepting the Brexit risks, with risks from global vulnerability still being material. Risks from certain markets in the US and in China are elevated, but there seems to be some sign of increasing […]

Treasury calls for evidence on digital payments

Treasury has published a call for evidence on the role of cash and digital payments in the new economy. It asks for views by 5 June to help it explore how it can support digital payments, support transition from cash economies while maintaining support for cash payments for that that need it, and of course […]

JMLSG publishes proposed sector revisions

The JMLSG has published proposed revisions to the text of sector 12 (Asset Finance) and sector 17 (Syndicated Lending).  The proposed revisions update the descriptions of how the sectors work, how to assess the risks in the sectors and how to identify who customers are. As the proposed changes are considered relatively minor, the period […]

Wolfsberg updates Correspondent Banking DDQ

The Wolfsberg Group has published the updated version of its Correspondent Banking Due Diligence Questionnaire and related guidance material. It also notes that it has become aware that institutions have been using the CBDDQ for other purposes and has now produced a shorter, more basic, “Financial Crime Questionnaire” which it hopes industry will find helpful.

Treasury approves JMLSG amendments

Treasury has approved the revised JMLSG Guidance that the JMLSG submitted in December 2017.

Treasury publishes AML supervision report

Treasury has published its AML and CTF supervision report for 2015-2017. It notes the two most critical legislative developments during the period as the CFA and MLRs 2017, and notes the strengthened supervision that OPBAS will bring. The report shows many successes, such as non-compliance levels in no more than 5% of entities reviewed, with […]