Corruption Crackdown: Amending the Economic Crime Bill
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 […]
Has Brexit Enabled The UK To Implement A Stronger Anti-Money Laundering Regime?
After the UK left the EU on 31 January 2020 (“Brexit”), the United Kingdom started following new rules under its own Sanctions and Anti-Money Laundering Act. No longer subject to […]
An Update on the EU’s AML Regulatory Package
On 20 July 2021, the EU Commission put forward an ambitious new AML (anti-money laundering) package which consists of three new Regulations and a Directive to strengthen the current EU […]
FATF Plenary Meeting Summary
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 […]
Key Changes to the Annual Financial Crime Reporting (REP-CRIM) Obligation
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 […]
US DOJ Launches Sanctions Taskforce KleptoCapture
The U.S. Department of Justice (“DOJ”) has also announced the launch of Task Force KleptoCapture, which is “an interagency law enforcement task force dedicated to enforcing the sweeping sanctions, export […]
FCA Sets Out it’s Views on Compliance Officer and Money Laundering Reporting Officer Roles in Authorised Firms
Authorised and registered firms must have heads of compliance and Money Laundering Reporting Officers (MLROs). These firms are required to have an FCA-approved Senior Management Function (SMF) holder to carry […]
Firms in the Temporary Permissions Regime – FCA makes its expectations on the TPR clear
The temporary permissions regime (TPR) relates solely to EEA firms previously passported into the UK who are now preparing to obtain full FCA authorisation in order to continue longer-term operations […]
FCA Authorisation Application Fees Update
As of 24 January 2022, a new structure for FCA Authorisation Application Fees has come into force. The new arrangements apply to all FCA fee-payers and to any business considering […]
How Compliant are your Financial Promotions?
With services from trading apps to cryptoassets being promoted anywhere from YouTube to the sides of London buses, it is no surprise that the Financial Conduct Authority (FCA) recently published […]