The FCA is proposing stricter rules governing retail CFD products after identifying a number of concerns. It is worried retail customers are opening and trading CFD products that they do not adequately understand. A...
Category - Financial Crime Prevention
FIN. TeamFCA consults on regulatory fees and levies
FCA is consulting on policy proposals for regulatory fees and levies in 2017/18. The main areas in which it proposes to increase its fees are to cover its costs of tackling illegal money laundering and of implementing...
Emma RadmoreWhat’s coming up from FCA
FCA’s latest Policy Development Update indicates we can expect its fourth consultation paper on MiFID 2 implementation soon, maybe before the end of the year. It then promises feedback on consultations to date...
Presidency publishes MLD5 compromise
The Presidency of the EU has published a further compromise text on MLD5. Its proposed changes include abolishing the minimum threshold for remote payment transactions using general prepaid cards, strengthening...
LMA responds to Treasury consultation on MLD4
The LMA has responded to HM Treasury’s consultation on the transposition of the Fourth Money Laundering Directive (MLD4) into national law. The LMA has said that there are certain instances where the obligation to...
Emma RadmoreAutumn Statement financial services round up
The Chancellor’s Autumn Statement contained several statements relevant to financial institutions and insurers – some announcements of initiatives already planned or even implemented, and some new promises. We...
FCA publishes consumer credit financial crime booklet
FCA has published a booklet specially aimed at consumer credit firms to help them understand FCA’s expectations of them under financial crime prevention standards. The guide sets out examples of good and poor...
PRA consults on cyber insurance underwriting risk
PRA is consulting on a proposed new supervisory statement that sets out how it expects all Solvency 2 firms to prudently manage cyber underwriting risk. PRA carried out thematic work which highlighted a number of risks...
FCA holds financial crime conference
FCA held its annual financial crime conference on 10 November. Among the key points noted by FCA speakers were: Andrew Bailey, in his opening address, highlighting FCA’s “Mission”, and commenting that...
Compliance Register Financial Crime Summit 2016
As ever, 2016 has brought several significant developments in financial crime prevention. Emma Radmore will be speaking at the Compliance Register’s Financial Crime Summit on 21 November, where she will give an...
Tribunal upholds ban
The upper Tribunal has delivered its findings in relation to FCA’s decision to ban Tariq Carimjee from the CF10 and CF11 functions after it found he recklessly assisted a client to manipulate stock prices. Mr...
ECB publishes MLD4 opinion
The Council of the EU has published the Opinion of the ECB on the proposed changes to MLD4. In principle, it says it is important that the EU regulates virtual currencies from an AML/CTF point of view, but it does not...
PSR speaks on super-complaint
Hannah Nixon, Managing Director of the PSR, has spoken about its first super-complaint and what PSR is doing about it. The PSR must respond by 22 December, and is looking at the scale of the “vishing”...
Government responds on AML and CTF
The Government has responded to the responses received to its request for views on its proposed action plan to combat money laundering and terrorist finance. Respondents had agreed the SARS regime needed reform, but had...
FCA gets tough on AML failings
FCA has fined Sonali Bank £3,250,600 and restricted it from accepting deposits from new customers for 168 days, and also fined the bank’s former MLRO £17,900 and banned him from performing the MLRO or compliance...
FATF reports on Beneficial Ownership
FATF has reported to G20 finance ministers on how it is progressing its aims on availability and exchange of beneficial ownership information. It plans to focus on progress in its upcoming peer reviews.
Latest Market Watch highlights
FCA’s latest “market watch” focuses on the results of a recent review of market abuse systems and controls in market making firms. Its review threw up some alarming conclusions, including considerable...
MLD4 high risk jurisdiction legislation in OJEU
The Commission Delegated Regulation on identifying high risk jurisdictions for the purposes of MLD4 has been published in the OJEU. The Regulation lists high risk third countries, in line with FATF designations. So...
PSR receives super-complaint on push payments
PSR has received a super-complaint from Which?. The complaint wants more action by regulators and possibly legislation to reduce the risks that customers are defrauded when they make “push” payments.
FCA updates on financial crime expectations
FCA has published speeches by Nausicaa Delfas on cyber-security and Megan Butler on FCA’s approach to combatting financial crime. FCA remains committed to a proportionate approach to AML supervision, and noted it...
Treasury consults on MLD4 implementation
Treasury is consulting on implementing MLD4. It plans to repeal the current MLRs and Fund Transfer Regulations in favour of one piece of secondary legislation. We have produced a more detailed briefing on the paper...
SFO updates on DPAs
David Green has updated on SFO’s work, including speaking about the 2 DPAs now concluded. He said more are in the pipeline. He noted the speed with which the Standard Bank DPA was concluded as opposed to the...
Treasury publishes views on MLD4 extension
Treasury has submitted a paper on the proposals to update MLD4. Among other things, the Commission had proposed bringing virtual currencies within MLD4, reducing the threshold for CDD on non-reloadable prepaid...