Of relevance to: All regulated firms Key dates: Applicable from 17 May 2018 The Joint Money Laundering Steering Group (“JMLSG”) has published revisions to sector 12: Asset finance and sector 17: Syndicated lending in Part II of its Guidance on the prevention of money laundering and the financing of terrorism [...]
Of relevance to: All firms In a speech by Megan Butler, Executive Director of Supervision – Investment, Wholesale and Specialists at the Financial Conduct Authority (“FCA”), delivered at the Anti-Money Laundering TechSprint event on 22 May 2018, the FCA revealed that 2,100 firms, including all the major banks and life [...]
Of relevance to: All regulated firms Key date: Royal Assent 23 May 2018 The Sanctions and Anti-Money Laundering Act 2018 received Royal Assent on 23 May 2018, creating a new sanctions regime for the UK after Brexit, needed to keep UK Anti-Money Laundering (“AML”) and Counter-Terrorist Financing (“CTF”) measures up [...]
Of relevance to: All firms Key date: Adoption by July 2020 A fifth revision of the Money Laundering Directive (“5MLD”) – the current European Directive 2015/849 is the fourth revision, which took into account the Financial Action Task Force recommendations of 2012 – was initially proposed in July 2016, [...]
Of relevance to: All firms subject to the financial crime rules in SYSC 6.1.1R, and who arrange or execute transactions in financial markets Key dates: Comments to FCA by 28 June 2018 Proposed to be in effect on 1 October 2018 The Financial Conduct Authority (“FCA”) is consulting on [...]
Of relevance to: All firms The Financial Conduct Authority (“FCA”) has set out its key priorities for the coming year in its Business Plan for 2018/19, along with its annual Sector Views. Inevitably, the priority for its discretionary activity is preparing for and implementing the changes resulting from European [...]
Of relevance to: All firms, particularly those within groups of companies The Financial Action Task Force (FATF) have issued additional guidance on Private Sector Information Sharing which aims to improve effective information sharing, one of the cornerstones of the FATF Recommendations. Information sharing is crucial for combatting money laundering, terrorist [...]
Of Relevance to: All regulated firms In addition to proposed changes (see Regulatory Roundup 86) to Part I of the Guidance issued by the Joint Money Laundering Steering Group (“JMLSG”) there are now changes to Part II (Sectoral Guidance) and Part III (Specialist Guidance) up for consultation. As might be surmised, [...]
Of Relevance to: All regulated firms The Joint Money Laundering Steering Group (“JMLSG”) is consulting on changes to Part I of the Guidance – the current version was last amended in November 2014. The proposed revisions reflect the draft Money Laundering and Transfer of Funds (Information on the Payer) Regulations [...]
Of relevance to: All firms for general interest HM Treasury has announced the creation of a new money laundering watchdog that will tackle potential weaknesses in the money laundering supervisory system that criminals and terrorists may be trying to exploit. The new money laundering watchdog will be known as the [...]
Of Relevance to: All regulated firms Draft UK Regulations transposing 4MLD into national law were published on 15 March 2017. The concept of Politically Exposed Persons (“PEPs”) and the need to apply Enhanced Due Diligence continues under the Fourth Money Laundering Directive (“4MLD”), although the distinction between a domestic PEP [...]
Of Relevance to: Firms falling within the criteria within SUP 16.23; those persons with responsibility for oversight of financial crime A reminder that a new financial crime data return (REP-CRIM) comes into force on 31 December 2016 – see Regulatory Roundup 75 and 78. The draft rules first appeared in [...]
Of Relevance to: All firms The FCA has published its Anti-money Laundering Report for 2015/16 on its website. Highlights include: Financial crime was a top priority in 2015/16 and will remain so in 2016/17. Proactive AML supervision continues via both SAMLP (Systematic Anti-Money Laundering Programme) which covers 14 major retail [...]
The new market abuse regime deriving from Market Abuse Regulation 596/2014 (EU MAR) applies from 3 July 2016 – see Regulatory Roundup 70 for further details. The European Commission has published a Delegated Regulation (and accompanying Annexes), addressing various matters including: extending the exemption to certain public bodies etc. from [...]
The FCA has released consultation paper CP15/35 on the revised market abuse regime “Policy proposals and Handbook changes related to the implementation of the Market Abuse Regulation (2014/596/EU)”. The current UK market abuse regime is largely centred around the 2003 Market Abuse Directive (MAD) with UK ‘bolt-ons’ that were based [...]
SYSC 18 promotes, in the sense that it contains guidance rather than rules, the use of the Public Disclosure Act 1998 in making protected disclosures (‘whistleblowing’). SYSC 18.2.2 specifically encourages firms to adopt internal procedures which will encourage workers with concerns to whistleblow internally about matters which are relevant to [...]
HM Treasury has published the first money laundering and terrorist financing (AML/CTF) national risk assessment (NRA). It may be recalled that earlier this year it published a supervision report on AML/CTF for 2013-14 – see Regulatory Roundup 64. Chapter 6 concerns the ‘regulated sector’; for the purposes of the paper [...]
Under Article 17 (‘simplified due diligence’) and Article 18(4) (‘enhanced due diligence’) of the fourth Money Laundering Directive (2015/849), the European Supervisory Authorities (ESAs) are required to issue guidelines to both firms and competent authorities on the risk factors to be taken into consideration when applying the required due diligence. [...]
AIMA, the Alternative Investment Management Association, launched its Guide to Sound Practices for Cyber Security yesterday with a panel discussion hosted by MacFarlanes. The guide is relatively short for such a large subject, but information dense. It is pragmatic and helpful and has been targeted at the hedge fund and [...]
On 25 August 2015, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, proposed new rules (the Proposed Rules), requiring “certain” registered investment advisers (those registered with the United States Securities and Exchange Commission (SEC)) to establish anti-money laundering (AML) programs and to report [...]
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