On 20 July 2021, the European Commission (the “Commission”) announced a package of four legislative proposals (the “Package”) to strengthen its anti-money laundering and countering the financing of terrorism (“AML/CFT”) rules (see the full press release here). Continue reading
In this blog post, we round-up forthcoming developments in the UK and at EU and International levels in financial services regulation which are expected for March 2021.
In this blog post, we round-up forthcoming developments in the UK and at EU and International levels in financial services regulation which are expected for January 2021. Continue reading
On 18 September 2020, the Hong Kong Securities and Futures Commission (SFC) commenced a three month consultation on a wide range of proposed changes to its Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (For Licensed Corporations) (Guideline) and the Prevention of Money Laundering and Terrorist Financing Guideline issued by the SFC for Associated Entities (AE Guideline). Continue reading
Between November 2019 and January 2020, the HSF private wealth and charities team conducted a survey of trust companies, asking firms of different sizes, from a variety of onshore and offshore jurisdictions, questions about the most significant risk and compliance issues they face. We have been counting down the risks identified by respondents and this week we have reached anti-money laundering (AML) compliance: the second most significant challenge faced by trust companies.
In this blog post, we round-up forthcoming developments in the UK and at EU and International levels in financial services regulation which are expected for March 2020.
** This post was updated on 17 March 2020 to reflect the FCA’s publication of information for firms on Coronavirus (Covid-19) response **
On 20 December 2019, we received a festive treat: the publication of the Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (the “Regulations”). The Regulations, which will come into force on 10 January 2020, implement the Fifth EU Money Laundering Directive (Directive (EU) 2018/843, “5MLD”)) in the UK, and follow a high level consultation in summer 2019.
The Regulations make some limited but important amendments to the existing Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (“MLR“). These include an expansion of the scope of the regulated sector, and changes to aspects of regulated firms’ customer due diligence and enhanced due diligence obligations (including, in particular, an important new requirement to make reports to Companies House in relation to discrepancies between information collected during customer due diligence and information on the Persons with Significant Control register). In this briefing we review the changes and new obligations.
Welcome to the December 2019 edition of our corporate crime update – our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters.
In this blog post, we round-up forthcoming developments in the UK and at EU and International levels in financial services regulation which are expected for December 2019.