Tag Archives: SAR

Law Commission consults on SAR regime

The Law Commission has published the long awaited consultation on making the AML and CFT SARs regime work better. The paper focuses on the consent provisions in POCA and the Terrorism Act and the disclosure offences in those laws. The regime has been beset with problems including proliferation of defensive reporting, the burdens of the […]

FCA speaks on technology in combating crime

Megan Butler has spoken at the AML TechSprint event. She focused on how data and technology can help to detect and disrupt criminal activity and how financial institutions staff can help in the fight against financial crime.  She spoke of the insights into criminal behaviour FCA has gained since it introduced the financial crime return. It […]

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 […]

More of CFA to take effect

The third commencement order made under the Criminal Finances Act 2017 brings into force from 31 October the provisions enabling certain entities within the regulated sector to share information relating to suspicions, and provide a joint SAR to the NCA under POCA or the Terrorism Act.

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.

FCA consults further on CASS 7A changes

FCA is consulting on changes to CASS chapter 7A and, in particular, on proposed changes affecting the return of client assets.  The consultation follows Treasury’s proposals on changes to the Special Administration Regime for investment firms. Among the key proposed changes are: amendments to allow certain transfers of the client money pool (CMP) not permitted […]