Tag Archives: MLD4

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 […]

FCA finalises PEP guidance

FCA has published its finalised guidance on the treatment of PEPs for AML purposes. It received 43 responses to its consultation on the guidance, all but one of which was in favour of guidance being issued, but many of which raised significant comments. FCA has responded to the comments and made some changes to clarify […]

Changes to SLP PSC requirements published

The Scottish Partnerships (Register of People with Significant Control) Regulations 2017, made on 22 June and taking effect mainly from 26 June, have been published.  The Regulations transpose Article 30 of MLD4 on beneficial ownership for Scottish Limited Partnerships and certain Scottish general partnerships. They require registration by qualifying partnerships, and impose an obligation to […]

TI warns on SLP risks

Transparency International has welcomed the changes the Government has made to implement the MLD4 beneficial ownership requirements in respect of Scottish Limited Partnerships. It had previously expressed significant concerns that the unique features of SLPs enabled them to be used as shell companies and present a “respectable” UK front to illicit activity. Surveys by TI […]

ESAs publish central contact point recommendations

The ESAs have published draft RTS to help Member States work out when PSPs and E-money issuers should appoint a “central contact point” to help effective AML oversight of the activities of their networks in “host” Member States.

PSC guidance updated for MLD4

BEIS has published updated guidance to reflect the effects of MLD4 on the PSC Register and regime.

ESAs publish AML/CFT guidelines

The ESAs have published their final guidelines on AML and CFT required under MLD4. The guidance is intended for credit and financial institutions and should provide them with the tools they need to make risk-based decisions on their management of business relationships and occasional transactions. There are some general guidelines and some sector-specific ones. The […]

Commission reports on ML risks

The Commission has published its report to the EP and Council on its assessment of the AML and TF risks affecting the internal market and relating to cross-border activities. It published the report, and supporting working papers, as it heralded implementation of 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 […]