Tag Archives: AML

Basel Committee updates AML guidance

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 […]

ESAs consult on group wide AML standards

The ESAs are consulting on RTS for firms in groups straddling the EU and third-countries, where the law of a third country prevents the implementation of group-wide AML/CTF policies in branches or majority-owned subsidiaries.  Consultation closes on 11 July. The ESAs propose that firms must: at least assess the ML/TF risk to their groups and […]

Presidency publishes money laundering crimes general approach

The Presidency has confirmed to the Council the general approach to the Directive on countering money laundering by criminal law.  It has also published the consolidated compromise text of the proposed Directive.  The Presidency now asks the Council to reach a general approach, as the basis for discussions with the European Parliament. The Directive sets out […]

Wolfsberg Group updates PEP FAQs

The Wolfsberg Group has updated its 2008 FAQs on PEPs. The new guidance clearly positions the PEP control framework within the risk based approach, and suggests an appropriate tailored manner of dealing with PEPs. It notes  that although the definition of PEP is becoming wider, it is still appropriate for financial institutions to focus their […]

JMLSG consults on updated guidance parts 2 and 3

JMLSG is consulting, until 26 May, on updates to parts of its guidance within parts 2 and 3.  It has already published a mark up of part 1 of the guidance for comment.  Certain parts of part 2 have not been changed (yet, although the entire part will be updated with new references in due […]

BEIS looks at cutting AML red tape

BEIS has published a summary of views and evidence submitted to the Cutting Red Tape review of the AML and CFT regime. Comments were mainly around: large, often confusing and sometimes duplicated amounts of supervisory guidance, which sometimes fail to make clear what is a legal requirement and what is good practice cause firms to incur […]

Treasury updates AML advisory

Treasury has updated its money laundering advisory notice, following the FATF plenary in late February. North Korea and Iran remain jurisdictions in relation to which firms should apply enhanced due diligence measures, with Afghanistan, Bosnia and Herzegovina, Ethiopia, Iraq, Lao PDR, Syria, Uganda, Vanuatu and Yemen also highlighted as jurisdictions in relation to which enhanced […]

FATF updates after plenary session

FATF has held its plenary meeting. Key issues discussed included: work on improving transparency and beneficial ownership: FATF and the Egmont Group are looking at mechanisms used to hide beneficial ownership with a view to assessing how to overcome the challenges of determining it; impact of work on de-risking; updating of list of jurisdictions with […]

FCA issues largest AML fine

FCA has fined Deutsche Bank £163 million, the largest fine it has imposed for AML failings. It found the bank failed to maintain an adequate AML framework from the beginning of 2012 to the end of 2015, the result of which was that unidentified customers used the bank to transfer around $10 million of finds […]

FCA consults on retail CFD changes

The FCA is proposing stricter rules governing retail CFD products after identifying a number of concerns. It is worried retail customers are opening and trading CFD products that they do not adequately understand. A representative study found that 82% of clients in a representative sample of CFDs lost money on these products. The review also […]