Money Laundering – Gold

FATF has produced a report on the gold sector as a result of what is seen as a transition of money laundering and terrorist financing from the formal financial sector and the cash market to the gold market as regulators and law enforcement harden those environments. Various case studies appear [...]

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Financial Crime

It may be recalled that last November the FCA issued Guidance Consultation GC14/7 (see Regulatory Roundup 60) proposing amendments to Parts 1 & 2 of the Financial Crime Guide (FC). The FCA published a summary of feedback received, which gave rise to several minor changes to the guidance. Part 1 [...]

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Financial Crime

The FCA’s Financial Crime Guide (FC) consists of two parts, with part 2 providing summaries of thematic reviews and examples of good and poor practice. The Regulator has published a Guidance Consultation (GC 14/7) which will propose amendments to both parts. Amongst the changes Part 1 will introduce a new [...]

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AML and ABC: Asset Management

An FCA thematic review of Anti-Money Laundering (AML) and Anti-Bribery and Corruption (ABC) Systems and Controls (TR13/9) has identified common weaknesses and the regulator has expressed concern over their findings. The review involved assessing 22 firms including wealth and asset management firms and fund administrators. Although the FCA has provided [...]

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Money Laundering: HMT Notice

Firms, and in particular MLROs, should be aware that HM Treasury has updated its advisory notice on overseas jurisdictions which have unsatisfactory money laundering and terrorist financing controls. The notice is essentially divided into two lists: the first lists jurisdictions which should be subject to enhanced due diligence measures e.g. [...]

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AML Update

Firms, and MLROs in particular, should be aware that HM Treasury has updated its advisory notice on problem jurisdictions where Enhanced Due Diligence (EDD) is advised and where firms may wish to apply EDD. The advisory notice informs us that the assessments were based upon the pre-2012 revised FATF Recommendations. [...]

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Money Laundering Changes

HM Treasury advises that the Money Laundering (Amendment) Regulations 2012 will come into force on 1 October 2012 – see Regulatory Roundup 31 concerning the consultation. The Money Laundering changes are fairly low key but nevertheless firms’ MLRO’s may wish to ensure that the amending documentation is filed with their [...]

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Money Laundering

FATF has recently produced updated lists of problem jurisdictions which will be of interest to firms in general, and in particular to the MLROs. The first list concerns those countries with strategic AML (and combating the financing of terrorism) deficiencies whilst the second one lists those areas that, whilst suffering [...]

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