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JMLSG publishes new guidance on cryptoasset transfers

JMLSG published final revisions to Sector 22 (crypto asset providers and custodian wallet providers) in Part II of its Guidance. This includes a new Annex I to Sector 22 relating to cryptoasset transfers. The new guidance relates to the provisions of …

FSMA 2023 brings crypto assets within the FCA’s area of responsibility

FSMA 2023 explicitly brings cryptoassets within the FCA’s regulatory perimeter and creates a new designated activities regime which may be used to regulate certain crypto-related activities…

Home Office releases counter-terrorism strategy for 2023

The aim of CONTEST is to reduce the risk from terrorism to the UK, its citizens and interests overseas, so people can live freely and with confidence.

HMRC publishes list of businesses found not to be complying with money laundering regulations

Report covers Q1 of the 2023 calendar year.

FCA sets out expectations for UK cryptoasset businesses complying with the Travel Rule

From 1 September 2023, cryptoasset businesses in the UK will be required to collect, verify and share information about cryptoasset transfers, known as the ‘Travel Rule’.

NCA publishes Annual Plan for 2023/24

Outlines the agency’s operation priorities for 2023/24.

NCA releases SARs in Action

21st issue covers the SARs Reform Programme, the UAE FIU’s visit to the UKFIU and the role that ‘Professional Enablers’ play in facilitating illicit finance, with analysis from the National Economic Crime Centre (NECC).

FCA invites Politically Exposed Persons to share their experiences

FCA is currently reviewing how financial services firms have applied the PEPs regime and whether changes to the guidance are required.

JMLSG publishes proposed amendments to crypto-asset transfers guidance

The proposed addition of Annex I to Sector 22 takes account of amendments relating to cryptoasset transfers, as introduced by The ML/TF (Amendment) (No. 2) Regulations 2022. Comments on the proposed revisions should be received by 25th August 2023.

Guernsey FSC: Thematic Review of managing the risk posed by Politically Exposed Persons

FSC undertook onsite inspections to 30 firms across the sectors with the largest exposure to PEPs and found that the controls employed by firms to mitigate PEP risk were effective, with only three of the 30 firms requiring risk mitigation programmes to remediate identified issues.

SRA issues AML/TF risk assessment guidance

Firms should assess their risks and target their resources to the areas or products that are most likely to be used to launder money. The UK Government periodically undertakes a National Risk Assessment pulling together risk-based information from all sectors…

NCA publishes Annual Report and Accounts 2022/23

This report details the Agency’s performance over the past financial year and relates to operational activity the Agency has undertaken or where Agency activity led to interventions overseas.