Tag Archives: MLD4

Treasury makes MLR 2017 and JMLSG finalises guidance

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 consults on MLD4

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 publishes e-money update

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 […]

EP adopts Fintech resolution

The EP has adopted a resolution on the influence of technology on the financial sector. The provisional version of the resolution focuses on the rapid development of applications of fintech technologies and notes that some may become of systemic importance. It looks at the benefits and risks of the developments and notes that some applications […]

EP rejects AML high risk list again

Unsurprisingly, the European Parliament has again rejected the Commission’s proposed list of high risk third countries under MLD4.

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 […]

EP may reject MLD4 high risk list – again

The Economic and Monetary Affairs Committee and the Civil Liberties, Justice and Home Affairs Committee have again rejected the Commission’s list of high-risk jurisdictions under MLD4. This is maybe not surprising, given the Commission had made only one change from the previous version, and the Committees’ opinion is that the Commission should not just follow […]

Council does not object to MLD4 high-risk list

The Council has decided not to object to the Commission’s revised list of high-risk jurisdictions for the purposes of MLD4. This means the Regulation can enter into force unless the European Parliament objects. The list is as originally suggested by the Commission except that Guyana is deleted and Ethiopia takes its place.

Bond Dickinson commercial insurance timeline

We have prepared a commercial insurance timeline which highlights key legislation, regulation, cases and other developments that impact on the industry. This timeline covers developments from March 2017 onwards.

EP to debate new MLD4 third-countries list

The EP is to debate the Commission’s revised draft Delegated Regulation under MLD4 that identifies high-risk third countries. The Commission has removed Guyana from its list and added Ethiopia. EP has asked for more time to consider the amended draft (having rejected its predecessor).