Category Financial Crime

Sanctions and Anti-Money Laundering Bill introduced in Parliament

The new Sanctions and Anti-Money Laundering Bill (the Bill) was introduced in Parliament on 18 October, following the publication of the Bill in August. This Bill seeks to enable the UK to continue to comply with the current UN sanctions regime after Brexit, by covering matters currently deal with through the European Communities Act 1972 (which will […]

FCA’s first Financial Lives Survey: 50% of UK adults potentially vulnerable

After collecting responses from over 13,000 UK consumers, FCA has revealed the results of its largest tracking survey of consumer behaviour and use of retail financial products and services. Aiming to tell the financial story for six age demographics (and key themes of each life stage), the survey found that 50% of the adult population shows one […]

Commission consults on central bank account registry access

The European Commission has opened a public consultation on broadening law enforcement access to centralised bank account registries, with a view to increasing the speed and effectiveness with which authorities can trace criminal assets and investigate corruption. Targeted at consumers, law enforcement agencies and almost all within the banking sector, the consultation seeks to collect opinions […]

CFA moratorium provisions to take effect

The second commencement order for the Criminal Finances Act 2017 brings into force several new provisions, including those on the potential extension of the moratorium period following a SAR and the new procedure for allowing regulated sector entities to share information on suspicions.  These parts of the Act take effect from 31 October 2017.

Wolfsberg Group updates standards

The Wolfsberg Group has updated: its Correspondent Banking Due Diligence Questionnaire. The Questionnaire has been around for some years, but this is its first significant and substantial overhaul; and its Payment Transparency Standards. Additional standards have been added to those originally recommended.

Bond Dickinson financial services team ranked in Legal 500

The Bond Dickinson financial services team is delighted to have achieved a Legal 500 ranking. The new directory described the team as providing  ‘responsive, practical, commercial and cost-effective’ advice to a wide variety of clients within the retail sector of the financial services industry. It says that  “‘Very knowledgeable’ team head Andrew Barber has ‘in-depth […]

Financial Crime Compliance Course rescheduled

The Financial Crime Compliance Professionals Certificate course, hosted by us, will now be on 14 March 2018. For details, please see the Compliance Register’s website.

Square Mile judicial complex receives backing from City of London Corporation

In a bid to bolster the capital’s reputation for financial and legal services post-Brexit, the City of London Corporation (CLC) has announced its backing for the development of a new court complex on Fleet Street to replace all of the City’s current court services except the Old Bailey. The space will provide for 18 courtrooms and focus […]

Failure to prevent facilitation of tax evasion

The new corporate offence under the Criminal Finances Act trips off the tongue!  It takes effect from 30 September, and “relevant bodies” must have considered their exposure to it and put in place reasonable procedures to guard against committing it.  We have written an article on the offence and the expectations of HMRC.

ESAs publish wire transfer guidelines for PSPs

The Joint Committee of the ESAs has published guidelines  under the revised Wire Transfer Regulation which was part of the MLD4 package, and that requires payment service providers to establish specific information about the payer and payee in electronic transactions, to combat terrorist financing and money laundering. In an effort to harmonise regulatory expectations across the EU, the guidelines ‘set […]