What is the FCA Saying? The FCA has recently published a “Dear CEO” letter to Wealth Management and Stockbroking Firms to highlight the harms that these firms pose to the market and consumers and outline its updated regulatory and supervisory agenda. While the FCA will still monitor the firms’ compliance [...]
The Financial Conduct Authority (“FCA”) recently published a memo related to companies dealing in cryptoassets. The update sets out requirements as part of the wider rules and guidance for cryptoasset businesses. For firms where appropriate for the size and nature of the business, an independent internal audit function must be [...]
Your MLRO Training Day With regulatory fines exceeding £600 million in the past two years due to failures in AML systems and controls – are you or your team aptly prepared? Complyport and the London Governance & Compliance Academy are hosting an MLRO Training Day to provide the knowledge and skills you need to [...]
The Financial Conduct Authority (“FCA”) is steadfast in its commitment to maintaining a UK financial system which is clean, free from corruption and guarded against financial crime. The regulator launched a review in September 2023 aimed to look carefully at firms’ frameworks for dealing with Politically Exposed Persons (“PEPs”) based in [...]
What is the FCA Saying? The FCA has recently issued a “Dear CEO” letter to Corporate Finance Firms (“CFFs”) to outline potential harms to consumers and markets it anticipates will arise from business models of CFFs. The letter also provides a strategy to address these harms and communicate its [...]
Your MLRO Training Day With regulatory fines exceeding £600 million in the past two years due to failures in AML systems and controls – are you or your team aptly prepared? Complyport and the London Governance & Compliance Academy are hosting an MLRO Training Day to provide the knowledge and skills you need to [...]
A few months ago, the FCA extended its existing annual financial crime reporting obligation (termed the “REP-CRIM” by the FCA) to a broader range of firm types. This change brought a further 4,500 firms into the scope of this reporting obligation. The FCA first introduced the REP-CRIM in July 2016 [...]
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 [...]
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 [...]
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 [...]
In the “Corruption Crackdown: Amending the Economic Crime Bill” article we published on the 21st March 2022, we explained how changes were on their way for the Office for Financial Sanctions Implementation (OFSI). With the new Economic Crime (Transparency and Enforcement) Act 2022 these changes came to fruition, in particular [...]
All regulated or supervised firms are covered by the requirements of the Proceeds of Crime Act 2002 (as amended) and its requirements to report to the relevant Financial Intelligence Unit (FIU). In the case of the UK, this is the National Crime Agency (NCA). A regulated or supervised firm should [...]
The fast, no-fuss, easy to access and control accounts that challenger banks claim to be offering are attractive to the consumer who desires speed and agility. However, this also seems to be attracting the attention of criminals—specifically those who intend to set up “money mule networks”. In order to capture [...]
Banks that have failed to apply even the most minimal of checks when handing out loans will be challenged. That is the message from the British Business Bank which has promised to investigate and condemn any banks that have taken taxpayer money to recoup losses from fraudulent Covid loans without [...]
Historically, Financial Action Taskforce (FATF) evaluations focused on their member countries having implemented the recommendations. Now, the evaluations focus much more heavily on the effectiveness of the implementation. This is a firm move away from it being acceptable to have simply put procedures in place; now, countries also have to [...]
With the FCA pushing hard to tighten the noose on regulations surrounding crypto firms and cryptoasset providers, the crypto space has been the forefront of very interesting discussions about opportunities for money laundering through these decentralized forms of exchanges. At the same time, contemporary issues regarding the risks of fraudulent [...]
According to Transparency International’s 2016 Report ‘Corruption on your Doorstep’, London acts as a “safe haven” for corrupt capital stolen from around the world because anti-money laundering checks can be bypassed, making London the preferred option “not only for legitimate business but also for embezzled, stolen, or illegally gained wealth”. [...]
As part of the FCA’s ongoing efforts to tackle financial crime, thousands of regulated firms will have new financial crime reporting requirements from 30 March 2022. Currently, around 2,500 firms (including banks, building societies, and mortgage lenders) are required to submit these annual crime reports, or ‘REP-CRIM’s. A policy update [...]
Failure to spot offences at multiple levels of the organisation necessitates “culture of compliance from the top down” and review of training & procedures. On Monday 13 December, NatWest plead guilty to three offences of failing to comply with Money Laundering Regulations (2007) and was fined 264.8 million pounds. The [...]
An Financial Crime Highlight by Complyport’s Financial Crime and Forensics Unit. The European Union’s (EU) 6th Money Laundering Directive (AMLD6) came into effect almost a year ago for its member states. Part of the drive behind the directive was the harmonisation of various elements of member state legislation, such as [...]
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