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FCA sends ‘Dear CEO letter’ to Annex 1 firms to complete a financial crime gap analysis over ML failings

The FCA is asking Annex 1 Firms to carry out a gap analysis against the failings it has identified in the market, and to take immediate steps to close any identified gaps, with the implication being that the FCA will carry out further reviews to assess how firms have performed in this regard….

HM Treasury issues policy paper on The Payment Services (Amendment) Regulations 2024 to slow payment processing in response to fraud concerns

A near-final version of legislation to slow down payments processing when there are reasonable grounds to suspect fraud, which is being published for checks…

HM Treasury launches consultation on improving the effectiveness of AML/CTF & transfer of funds regulations

This consultation covers some areas already identified by The Treasury and covers the following themes: making customer due diligence more proportionate and effective, strengthening system coordination, providing clarity on scope of the MLRs, reforming registration requirements for the Trust Registration Service…

FCA consults on proposals for a new approach to enforcement investigations and intends to unveil firms that are under investigations

FCA is looking to publicise its enforcement process to increase transparency and is seeking views on how to proceed with this.

 

Companies House marks a significant milestone as it implements the measures under the ECCT Act to improve the quality and reliability of its data

The changes introduced include: greater powers to query information and request supporting evidence, stronger checks on company names, new rules for registered office addresses, a requirement for all companies to supply a registered email address, a requirement for subscribers to confirm they’re forming a company for a lawful purpose when they incorporate…

 

HM Treasury publishes impact assessment relating to the Economic Crime and Corporate Transparency Bill

Impact assessments updated: Economic Crime and Corporate Transparency Bill – Scottish Solicitors Discipline Tribunal financial penalty; Economic Crime and Corporate Transparency Bill – New regulatory objective in the Legal Services Act 2007; Economic Crime and Corporate Transparency Bill – New proactive information request power for the Solicitors Regulation Authority to use in relation to economic crime.

FCDO releases post-legislative scrutiny memorandum on the Sanctions and AML Act 2018 to review the implementation and effectiveness

FCDO releases review of Sanctions and Anti-Money Laundering Act (SAMLA) 2018: Analysis covers implementation and impact, including case study on Russia sanctions…

Home Office publishes annual report on seizures of drugs in England and Wales, financial year ending 2023, (87%) seizures were made by police forces (165,789) and the remaining 13% (25,834) were made by Border Force

Provides an overview of drug seizures made by the police (including the British Transport Police) and Border Force in the year ending 31 March 2023 in England and Wales. The data relates to all drugs controlled under the Misuse of Drugs Act 1971 (MDA) and the Psychoactive Substance Act 2016 (PSA).

 

FCA updates position on cryptoasset Exchange Traded Notes for professional investors

The FCA continues to remind people that cryptoassets are high risk and largely unregulated. Those who invest should be prepared to lose all their money. The FCA is collaborating with government, international partners and industry to develop the UK’s cryptoasset regulatory regime and lead international standards in this space…

UK Government unveils a 22-point action plan to disrupt money mule activity and support exploited victims

The action plan includes creating best practice guidance on ML-linked red flags to look out for the financial sector, developing  work on firm’s fraud controls including deep dives into money mule contracts, implementing a data-sharing approach to detect high-risk payments and prevent fraudulent transactions…

 

FMSB publishes for consultation a transparency draft of a standard for client onboarding, and identifies current inefficiencies within the UK’s Reg.

The draft identifies current inefficiencies within the UK’s regulatory requirements and guidance for ‘Know Your Client’ (KYC) due diligence. The shortcomings highlighted include: The guidance rarely specifies precise data points to be populated or parameters for evidence which firms may accept to conduct satisfactory due diligence…

 

Home Office issues Policy paper in response to Law Commission’s review of the SARs regime

The government acknowledges the need to improve the SARs regime and is committed to implementing changes to enhance efficiency and effectiveness. They are exploring options to simplify and streamline the SARs process while ensuring appropriate information sharing between law enforcement agencies…