Financial Crime Regulatory News

Compliancy Services Directors
Our Directors and Consultants share their insights and opinions on the important financial crime regulatory issues facing the UK financial services sector.

 

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Regulatory Updates

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Financial Crime Prevention: The road ahead for 2017
17th January 2017 - Other

Whilst there were many ups and downs in 2016, from a legislative and regulatory perspective, things remained largely the same. However, it will be a very different story for 2017. A number of critical changes are being implemented that will significantly shake up the UK’s Financial Crime Prevention Framework.

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ESA Guidance on anti-money laundering and counter-terrorist financing supervision
16th November 2016 - Other

The Joint Committee of the three European Supervisory Authorities, (collectively known as the European Supervisory Authorities (ESAs) and comprising of the European Banking Authority (EBA), European Securities and Markets Authority (ESMA) and European Insurance and Occupational Pensions Authority (EIOPA) ) have published final Guidelines on the characteristics of a risk-based approach to anti-money laundering and terrorist financing supervision and the steps to be taken when conducting supervision on a risk-sensitive basis.

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Financial Crime Reporting: feedback on Chapter 6 of CP15/42 and final rules
29th July 2016 - Financial Conduct Authority

In December 2015, the FCA consulted on a proposal to introduce a financial crime return (REP-CRIM).

The proposal was set out in Chapter 6 of Consultation Paper 15/42 and this Policy Statement (PS) presents the final rules and implementation timescale for the reporting requirement.

Firms that are subject to the reporting requirement will only be required to report REP-CRIM for the areas of their business subject to the Money Laundering Regulations (MLRs).

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High-Risk Third Country List and associated Enhanced Customer Due Diligence
14th July 2016 - European Commission

The European Commission has released a list of High-Risk Third Countries that do not have sufficient AML/CTF measures in place. In addition to this, the EC has released a series of Enhanced Customer Due Diligence measures that all firms must employ in high risk situations.

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Proposed amendments to the EU Fourth Money-Laundering Directive
5th July 2016 - European Commission

The European Commission has put forward a series of proposed amendments to the Fourth Money-Laundering Directive as part of its Action Plan on Terrorist Financing, which it released in February 2016.

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FCA Anti-money laundering annual report 2015/16
1st July 2016 - Financial Conduct Authority

Here we bring you selected extracts from the FCA’s ‘Anti-money laundering annual report 2015/16’. 

The FCA has a key role in ensuring that firms have adequate safeguards to prevent themselves from being used for financial crime, in particular money laundering and made financial crime one of their strategic priorities in 2015/16. They are making it one of their top seven priorities again in 2016/17.

At the same time, it is important to ensure that firms’ financial crime controls are proportionate and operated efficiently, and that any unintended consequences are kept to a minimum. In this, the FCA’s third anti-money laundering report, the FCA explain how they have sought to achieve these objectives in the last year.

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Office of Financial Sanctions
13th May 2016 - Financial Conduct Authority

The Office of Financial Sanctions Implementation (OFSI) has been created to help UK businesses comply with financial sanctions.

The Government says that OFSI will provide a high-quality service to the private sector, working closely with law enforcement to help ensure that financial sanctions are properly understood, implemented and enforced.

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FCA Business Plan 2016/2017: Financial Crime and Anti-Money Laundering
5th April 2016 - Financial Conduct Authority

As a major global hub for investment and activity from across the world, the UK financial sector is exposed to criminal and terrorist organisations seeking to disguise the proceeds of crime by making such proceeds appear to have originated from a legitimate source.

Therefore, it is imperative that the UK financial system implements appropriate, proportionate and efficient safeguards to prevent financial crime.

The FCA have also carried out a de-risking impact assessment (published 24th May 2016) and this can be found by following the link in the 'Links' section of this regulatory update.

The FCA has identified a number of areas of concern and are taking steps to mitigate such risks accordingly.

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Lifting of Iranian Sanctions
16th January 2016 - Other

On the 16th January 2016 the International Atomic Energy Agency (IAEA) concluded that Iran had done enough to justify the lifting of the sanctions imposed under the nuclear proliferation regime. With immediate effect the measures agreed under the Joint Comprehensive Plan of Action (JCPoA) were implemented. As a result of this, UK business are permitted to trade with Iran. There are however some limitations that remain that companies still need to be aware of.

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Crime and Tax Exemptions of the Data Protection Act
30th July 2015 - Information Commissioner

The Data Protection Act contains certain exemptions around how data is withheld and disclosed. These exemptions are under section 29 of the act and relate to crime and taxation. There is some confusion amongst data controllers about best practice in these situations. Therefore the Information Commissioner's Office has published some specific guidelines.

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