August, 2022 - Complyport UK Consultancy Service

Deutsche Bank Settling For A €7million Fine After Frankfurt Prosecutors 701 Cases Of Failed Reports

As a requirement of jurisdictional law, obliged firms such as banks and other financial institutions (firms) are required to file suspicious activity reports (SARs) with their local financial intelligence unit/law enforcement agency when they have knowledge, suspicion (and/or in some countries reasonable grounds) to suspect that their products and services [...]

3 Financial Crime News Stories You May Have Missed This Week

The UK’s Anti Money Laundering Guidance has been updated The UK’s Anti Money Laundering Guidance has been updated, resulting in clarification for Art Market Participants (AMPs) on who its customers are. With the update, comes some clarity relating to who falls into the “regulated art sector” and who represents the [...]

Monitoring & Reporting Suspicious Activity Case Study

American multinational investment bank and financial services corporation Citigroup has been in the bad books of regulators for quite a few years now it seems. In 2019, the Bank of England imposed a record £44 million fine (which would have been £62.7 million, had Citigroup not agreed to resolve the [...]

Crypto Regulation & Compliance Roundup

Under construction: The EU is building a new AML regulator that will oversee crypto businesses While the attention of the crypto industry, in the EU, has focused on the Markets in Crypto Assets Regulation and the Transfer of Funds Regulation, the EU has been preparing to create a brand-new regulator [...]

Financial Crime Case Study: An Insurance Fraud

After attempting to defraud three insurance companies by making bogus claims totaling around £24,000 for medical treatment that he never received (or needed), a man from Yorkshire pleaded guilty to three counts of fraud by false representation and was sentenced to 12 months’ imprisonment on Monday 8 August 2022. While [...]

How Will The FCA Consumer Duty Rules Affect Firms Applying For Authorisation?

As we are all aware, the FCA’s Consumer Duty rules have now landed and are very much with us. It is not an overstatement to describe it as a ‘game changer’ – perhaps the most significant change to the regulation of the retail financial services market since the introduction of [...]

UAE Taking Further Steps

Subsequent to our article last week where we highlighted the steps being taken by the UAE to address its placement on the Financial Action Task Force (FATF) “grey list”, it seems there is no letting up – another announcement has been made by the UAE on 8th August 2022. In [...]

FCA Publishes Q1 2022 Whistle Blowing Data

Last week, the FCA published details of the number of new whistle blowing reports that it received during Q1 2022. Whistle blowing reports can be made to the FCA either by telephone, email, post or via the FCA online reporting form https://fca.clue-webforms.co.uk/webform/fca/en. In Q1 2022, the FCA received 276 new [...]

Consumer Duty Changes: Strengthening The FCA’s Financial Promotion Rules

In our February 2022 article on the FCA’s PS22/10, we examined the importance that the FCA was expected to place on addressing the risk of harm posed to consumers investing or considering investing in high-risk investments. This importance has now been confirmed by way of the FCA’s recent policy statement [...]

New FCA Rules to Tighten up the Appointed Representatives Regime with PS22/11

A press release issued by the FCA this week confirms the introduction of new rules to improve the oversight of the Appointed Representatives regime. These rules, issued within PS22/11: Improvements to the Appointed Representatives regime, are aimed at addressing the FCA’s perceived significant shortcomings amongst Principal firms in the current [...]

UAE Making Reparative Steps

In April 2020 the Financial Action Task Force (FATF) issued a warning to the UAE to improve its anti-money laundering (AML) and counter-terrorism financing (CFT) framework, or risk being placed on the FATF ‘grey’ list. Subsequent to this, in August 2020, the Central Bank of UAE (CBUAE) established a dedicated [...]

Consumers to Benefit From New FCA Consumer Duty Rules

FCA Consumer Duty rules provide stronger focus on what consumers need to make good financial decisions The introduction of the new FCA consumer duty rules will ensure financial services firms recognise the impact their services and products have on the consumer and provide a safeguard from exploitation. The FCA has [...]

FATF Issues its Revised AML/CTF Guidance to the Real Estate Sector

Last month features the release of the revised AML/CTF FATF Guidance for the real estate sector. The update, which was first agreed in June 2021, addresses the required risk-based approach for the sector, given how appealing the sector is to the criminal fraternity. Further, data gathered by FATF during its [...]

New Russian Sanctions Framework for the UK

Last week we have seen the introduction of New Russian sanctions measures continuing to be introduced. Some of the restrictions have come into immediate effect, whilst others have forward reaching implementation dates. The Russia (Sanctions) (EU Exit) (Amendment) (No. 14) Regulations 2022 (the “Amending Regulations”) came into force on 21 [...]

UK’s Data Protection and Digital Information Bill

In September 2021, the UK Government launched its public consultation exercise, “Data: A new direction”, to help inform its intended development and proposals of how it wished to reform the UK’s data protection laws. Part of the Government’s 10 Tech Priorities, the consultation included some revolutionary ideas with the intention [...]

So Long And Thanks For All The…Regulations? A Look At The Key Points Proposed In The Financial Services and Markets Bill

Brexit may be in the not-so-distant past; however, its effects are still being felt. One of the key areas that was left languishing without clarity was the financial services sector. Arguably one of the most significant sectors of the economy for the UK and third largest in the Organisation for [...]

Month: August 2022

Deutsche Bank Settling For A €7million Fine After Frankfurt Prosecutors 701 Cases Of Failed Reports

3 Financial Crime News Stories You May Have Missed This Week

Monitoring & Reporting Suspicious Activity Case Study

Crypto Regulation & Compliance Roundup

Financial Crime Case Study: An Insurance Fraud

How Will The FCA Consumer Duty Rules Affect Firms Applying For Authorisation?

UAE Taking Further Steps

FCA Publishes Q1 2022 Whistle Blowing Data

Consumer Duty Changes: Strengthening The FCA’s Financial Promotion Rules

New FCA Rules to Tighten up the Appointed Representatives Regime with PS22/11

UAE Making Reparative Steps

Consumers to Benefit From New FCA Consumer Duty Rules

FATF Issues its Revised AML/CTF Guidance to the Real Estate Sector

New Russian Sanctions Framework for the UK

UK’s Data Protection and Digital Information Bill

So Long And Thanks For All The…Regulations? A Look At The Key Points Proposed In The Financial Services and Markets Bill

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