FINANCIAL CRIME

Home / FINANCIAL CRIME

The latest regulatory update – July 2022

Regulatory Update July 2022 In this issue we cover: FCA Consumer Duty rules FCA fines for failures in AML and financial crime controls Changes to FCA firm reference Numbers (FRNs)

The latest regulatory update – June 2022

Regulatory Update June 2022 In this issue we cover: PRA speech – Supervisory expectations on operational resilience   FCA speech – Improving financial inclusion New FCA appointments Data reporting services providers

The latest regulatory update – May 2022

Regulatory Update May 2022 In this issue we cover: Critical issues in regulation Implementing operational resilience frameworks: PRA speech Investment platforms: costs and charges Financial promotions: FCA Dear CEO letter

A summary of consumer duty elements

In light of the FCA’s ongoing consultations on Consumer Duty (CP21/13 and CP21/36) we summarise the important points that FCA regulated firms dealing with retail clients need to be aware

The latest regulatory update – April 2022

Regulatory Update April 2022 In this issue we cover: FCA Thematic Review – Observations on wind-down planning FCA confirms PRIIPs regulations FOS finalises plans and budget for 2022/23 Financial sanctions

The latest regulatory update – March 2022

Regulatory Update March 2022 In this issue we cover: AI report signals future financial services regulation MiFID II UK Shake Up Barclays fined £783,800 by FCA for oversight failings with

The latest regulatory update – February 2022

Regulatory Update February 2022 In this issue we cover: Transforming data collection Regulatory collaboration on wider implications to the framework Determining competency of heads of compliance and MLRO applicants Considerations

The latest regulatory update – January 2022

Regulatory Update January 2022 In this issue we cover: Ring-fencing and proprietary trading review Strengthening financial promotions rules TPR firms falling short of FCA’s expectations FCA publishes guidance consultation on

The latest regulatory update – December 2021

Regulatory Update December 2021 In this issue we cover: Improving the Appointed Representatives regime FCA sets out fees proposals for 2022/23  A new Consumer Duty FCA consults on amending FSCS

The latest regulatory update – November 2021

Regulatory Update November 2021 In this issue we cover: FCA’s ESG priorities ESMA: Statement on Investment Recommendations on Social Media FCA’s speech on “Drivers of change” Climate and environmental risk

Cryptoassets and global regulation trends

With the notable exception of security tokens, the majority of cryptoassets are still unregulated in the UK. However, the FCA has been acting as the anti-money laundering and counter-terrorist financing

The latest regulatory update – October 2021

Regulatory Update October 2021 In this issue we cover: Next steps in consumer credit OECD reports on ESG and climate transition PRA consultation on trading activity wind-down Remote and hybrid

Some Considerations for Hybrid Working

We have seen in previous communications related to remote working from the regulator specifically during the national lockdowns, with little leniency being granted to firms with respect to areas such

The latest regulatory update – September 2021

Regulatory Update September 2021 In this issue we cover: FCA reminds firms about financial crime risks UK GDPR PRA Dear CEO letter on reliability of regulatory reporting FCA and HMT

The latest regulatory update – August 2021

Regulatory Update August 2021 In this issue we cover: FCA RDC reforms FCA proposals for new listing guidance for cannabis-related businesses FCA proposals for listed companies to disclose gender and

The latest regulatory update – July 2021

Regulatory Update July 2021 In this issue we cover:  Diversity of listed company boards and their executive management teams Ian Hudson sentencing SPACs Crypto issues HM Treasury Wholesale Markets Review

The latest regulatory update – June 2021

Regulatory Update June 2021 PRA policy statement on Senior Management Function temporary absences  The PRA published a policy statement (PS11/21), together with updated Supervisory Statements SS28/15 and SS35/15, which confirm

The FCA’s second consultation paper on the new IFPR (MIFIDPRU)

Remuneration Last month we looked at Own Funds Requirements with respect to the consultation paper CP21/7, here we look at how the MIFIDPRU Remuneration Code will apply to all firms

The latest regulatory update – May 2021

Regulatory Update May 2021 In this issue we cover: New Consumer Duty consultation paper by FCA Speech by BoE Governor on life after LIBOR FCA guidance for insolvency practitioners on

The new Consumer Duty to be required by financial services firms

In this issue we cover the latest FCA consultation paper CP21/13, a new Consumer Duty which will be required by all financial services firms in relation to products and services

The latest regulatory update – April 2021

Regulatory Update April 2021 In this issue we cover: Remuneration Code changes FCA speech on regulating the UK as a global financial centre FCA consultation paper on new prudential regime

The FCA issues second consultation paper on the new IFPR

As we have mentioned in previous blogs, the new IFPR is due to come into effect on the 1st January 2022 and will apply to all firms authorised by the

The latest regulatory update – March 2021

Regulatory Update March 2021 In this issue we cover: Contactless payments limit to be raised to £100 EU/UK Memorandum of Understanding regarding financial services FCA publishes the number of STORs

Supervisory flexibility: RTS 27 reports & depreciation notification

In this post we discuss the temporary measures for RTS 27 reports and 10% depreciation notifications. On 19 March 2021 the FCA announced they are putting in place temporary measures

The latest regulatory update – February 2021

Regulatory Update February 2021 In this issue we cover: The Governor’s speech FCA updates on operation of the MiFID Market’s Regime FCA publishes its review of how firms implement technology

Covid-19 Vaccination Data and GDPR Implications

In this post we discuss: Collection of Covid-19 vaccination data GDPR lawful basis for collecting and retaining this data Employee confidentiality. As the vaccination programme gathers speed, many offices will

The latest regulatory update – January 2021

Regulatory Update January 2021 In this issue we cover: ·      Implications of the end of the Brexit transition period on JMLSG Guidance ·      MiFID II reverse solicitation rules ·      FCA

Environmental Social and Governance (ESG)

In this post we discuss Disclosure regulation Compliance culture Diversity Risk and reputation management Whistleblowing Conflicts of interest Organisational requirements There have been many studies showing that good corporate governance

The challenges for compliance in 2021

Brexit Having reached the end of the transitionary period, the EU did not give the UK “equivalent” status in financial services and although both sets of regulations are presently harmonised,

The latest regulatory update – December 2020

Regulatory Update December In this issue we cover: Cloud Service Providers FCA fines and prohibits hedge fund Chief Investment Officer for market abuse FCA consults on the Investment Firm Prudential