FINANCIAL CRIME
MLD5 and the key changes that will impact FS firms
The new EU 5th Money Laundering Directive (MLD5) is coming into force on 10 January 2020 with enhancement to the existing provisions, aiming to further strengthen transparency and the existing
Impact tolerances for important business services
On 5 December, the Bank of England (the Bank), in its capacity of supervising financial market infrastructures, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) published a shared
Suspicious Activity Reports Annual Report 2019
The National Crime Agency’s UK Financial Intelligence Unit (UKFIU) has published its Suspicious Activity Reports Annual Report 2019 covering the period from April 2018 to March 2019 and it contains
FCA speech: Regulation in a changing world
On 21 October Christopher Woolard, Executive Director of Strategy and Competition at the Financial Conduct Authority (FCA), delivered a speech at the City of London / Cicero event on the
The fight against skimmers and scammers: the FCA on Fraud
On 04 September Charles Randell, Chairman of the Financial Conduct Authority (FCA), gave a speech on the fight against investment fraud at the 37th Cambridge International Symposium on
Andrew Tinney’s case: a key message in relation to conduct
On 16 August 2019, the Financial Conduct Authority (FCA) published its Final Notice for Andrew Tinney (Tinney), a former Chief Operating Officer of Barclays Wealth and Investment Management (Wealth). This
FCA Responds to ESMA Opinion on FCA’s Final Rules for Retail CFDs
Following the publication by the Financial Conduct Authority (FCA) on 1 July of the final rules on the restriction of how Contracts for Difference (CFDs) and CFD-like options are sold, marketed,
Permanent Restrictions on the Sale of CFDs Retail Consumers
Following an earlier consultation last December, on 1 July the Financial Conduct Authority (FCA) published a Policy Statement (PS19/18) with final rules restricting how Contracts for Differences (CFDs) and CFD-like options
Money Laundering Risks in Capital Markets
On 10 June, the Financial Conduct Authority (FCA) published findings from its latest thematic review, “Understanding the Money Laundering Risks in the Capital Markets” TR19/4 (the report). As part of
General Data Policy Regulation one year on
On 30 May, Elizabeth Denham, the Information Commissioner, published a blog reflecting on the first anniversary of the General Data Protection Regulation (GDPR) and the Data Protection Act 2018
The FCA’s 5 Conduct Questions Programme
The Financial Conduct Authority (FCA) has published its latest Industry Feedback on its 5CQ Programme (5CQ). This is the third annual report since 5CQ was introduced in 2015
Financial Conduct Authority on the Duty of Care
On 23 April, the Financial Conduct Authority (FCA) has published a Feedback Statement on Duty of Care (FS19/2), which summarises the feedback the FCA received to a previous Discussion
FCA Report on Payment for Order Flow
On April 23, the Financial Conduct Authority (FCA) has published a final report on its recent supervisory work on conflicts of interest and payment for order flow (PFOF) on how
Updates from the Financial Conduct Authority
In case you have missed the latest news from the Financial Conduct Authority (FCA), below is a summary of selected events. Enforcement Actions – Speech by Mark Steward On 4 April,
The Future of Financial Conduct Regulation
On 23 April, Andrew Bailey, Chief Executive of the FCA, gave a speech on the future of financial conduct regulation. Mr Bailey considered in particular the impact of Brexit on financial
EU Parliament Approves New EU-Wide Rules to Protect Whistleblowers
On 17 April, the European Parliament has reported it had approved new rules for protecting whistleblowers. Whistleblowers have played a key role in recent years in shedding light
FCA “Dear CEO” Letter for Wholesale Firms
On 18 April, the Financial Conduct Authority (FCA) published a Dear CEO letter explaining its view on the key harms that brokerage firms operating in wholesale financial markets pose to their clients
Financial Conduct Authority Business plan 2019-2020
On 17 April, the Financial Conduct Authority (FCA) has published its Business Plan 2019/20, which sets out the FCA’s main areas of regulatory focus for the year ahead. The FCA states
OECD Report on Implementation of the Anti-Bribery Convention
On 20 March the Organisation for Economic Co-operation and Development (OECD) published the UK’s Phase 4 Follow-up Report, in relation to the progress made by the UK on implementing the
ESMA’s Notice on the Product Intervention Renewal Decision
On 23 October 2018, the European Securities and Markets Authority (ESMA) adopted a Decision to renew the restrictions on the marketing, distribution or sale of contracts for differences (CFDs) to retail clients.
ESMA Report on Initial Coin Offerings and Crypto-Assets
On 19 October, the European Securities and Markets Authority (ESMA) published its own internally commissioned report on initial coin offerings (ICOs) and crypto-assets (used to collectively herein to refer to
FCA’s Analysis of Firms’ Data on Financial Crime
The FCA has published its first annual financial crime survey of over 2,000 UK firms, across the financial sector, following their first financial crime return (REP-CRIM), an initiative launched in
SMCR – FCA Proposed Guidance on Statements of Responsibilities
The FCA has published a Guidance Consultation (GC 18/4) to provide practical assistance and information to firms in preparation for the extension of the Senior Managers and Certification Regime (SMCR).
FCA Published 2 consultation papers with proposed changes
The FCA has published 2 consultation papers with proposed changes to the Handbook and Binding Technical Standards (BTS) (CP 18/28) and separately on the Temporary Permissions (TP) regime for inbound
FCA Review on ML & Terrorist Financing in the E-Money Sector
The FCA published a Thematic Review (TR18/3) today detailing its findings of visits to 13 Electronic Money Institutions (EMIs) to assess their anti-money laundering (AML) and counter-terrorist financing (CTF) control
Data Protection Changes: email fatigue
By 25 May 2018, many of us will already be fatigued by the barrage of emails arriving into our email inboxes regarding the General Data Protection Regulation (GDPR). Companies are
European Parliament Adopts Fifth Anti-Money Laundering Directive
On 19 April 2018, the European Parliament adopted the Fifth Anti-Money Laundering Directive (MLD5). In its press release, the European Commission welcome the new measures and states that “
FCA Consultation on the Financial Crime Guide for Firms
On 27 of March 2018, the FCA has published a guidance consultation (GC 18/1) on amending its Financial Crime guide for firms. The guidance, which is not binding on firms,
Women in Finance: Still a Long Way to Go
On 22 March 2018, Megan Butler, FCA Executive Director of Supervision – Investment, Wholesale, and Specialists, delivered a speech at the Women in Finance Summit held in London. The following
Home Office Guidance on Sharing Information in the Regulated Sector
The Home Office has issued a guidance setting out the principles for sharing information within the regulated sector, and between the regulated sector and an authorised officer of the National