The UK’s Struggle with Financial Crime Reaches Institutional Heights
On 23rd September 2024, the Financial Conduct Authority (FCA) revealed that none of the 25 Professional Body Supervisors (PBS) under its supervision were fully effective in Anti-Money Laundering (AML) controls. […]
FCA: Assessing Firms’ Compliance with Cryptoasset Financial Promotions Rules
In June 2023, the FCA introduced new requirements for promoting qualifying cryptoassets to retail clients, known as the ‘back end’ rules. These rules aim to enhance consumer protection and ensure […]
FCA CP24/20: Safeguarding Reforms for Payments and E-Money Firms
The FCA has published a Consultation Paper (“CP24/20”) on proposed significant changes to the safeguarding regime for payments and e-money firms. With these changes, the FCA aims to strengthen its […]
FCA Quarterly Consultation No. 45 (CP24/18) – Chapter 3: Facilitating LTAF investment
On 6th September 2024, the FCA published its Quarterly Consultation Paper No. 45 (CP24/18) on proposed miscellaneous amendments to the FCA Handbook. These are relatively minor changes, however, the Regulator […]
UK Ranked Second in Global Money Laundering Offences
Silver medal for UK in Money Laundering Offences The United Kingdom has been ranked second globally for money laundering offences, according to the latest report by Smart Search. The report […]
Good Practice and Areas to Improve – Appointed Representative Principals
Introduction On 8th December 2022 the Financial Conduct Authority (“FCA”) set out new rules and enhanced expectations for Principal firms in PS22/11. For more information on the changes made by […]
ViCA AI Tool Gains Momentum Among Governance, Risk, Compliance and Legal Professionals
Empowering Compliance Professionals with AI ViCA is rapidly becoming an indispensable resource for compliance professionals seeking to lower costs and reduce the time needed for complex compliance queries. By leveraging […]
ComplyCrypto Depository Limited Granted FCA Registration for Cryptoasset Exchange Services
ComplyCrypto Depository Limited is pleased to announce that the Financial Conduct Authority (FCA) approved its registration as a cryptoasset exchange provider under the Money Laundering, Terrorist Financing and Transfer of […]
Digital Operational Resilience Act: 4 Months Away
What is DORA? The Digital Operational Resilience Act (DORA) is a significant EU regulation designed to bolster the digital resilience of the financial sector. Effective from January 16th 2023, DORA […]
Treatment of PEPs – an FCA Guidance Consultation
Proposed Amendments The FCA’s latest Guidance Consultation paper GC24/4 outlines proposed changes to its guidance (FG17/6) regarding the treatment of politically exposed persons (PEPs) under the Money Laundering, Terrorist Financing […]