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 [...]
The 2022 Financial Action Task Force (FATF) Plenary Meeting took place in Paris between the 2nd– 4th of March. Representatives of the 206 members of FATF were present at the meeting, in which they addressed four key themes: monitoring international compliance; the completion of the FATF’s Strategic Review; tougher money [...]
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 [...]
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 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 [...]
As we know the UK (and other Member States) have until 26 June 2017 to implement the Fourth Money Laundering Directive (2015/849 – “4MLD”) into national law – see the “Complyport: Fourth Money Laundering Directive” link. A press release advises that the European Commission is: Calling on Member States to [...]
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the opinion to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Complyport.com uses cookies in order to deliver a better user experience on its websites. For further information regarding cookies please visit https://complyport.com/privacy-policy/
