News & Analysis as of

United Kingdom AML/CFT Financial Services Industry

A&O Shearman

Financial Action Taskforce Publishes Consultation on Changes to AML/CFT and Financial Inclusion Standards

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The Financial Action Taskforce has published a consultation paper on revisions to its anti-money laundering and counterterrorism financing standards relating to financial inclusion. The consultation is part of FATF's program...more

A&O Shearman

Outcomes from Financial Action Taskforce Plenary: October 2024

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The Financial Action Taskforce has published the outcomes from its plenary meeting, which took place between October 23 and 25, 2024. Outcomes include: - the approval of the last two assessment reports in the FATF's...more

A&O Shearman

UK Financial Conduct Authority Cracks Down on Illegal Financial Promotions by 'finfluencers'

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The FCA has announced that it is interviewing 20 'finfluencers' under caution who may be touting financial services products illegally. 'Finfluencers' are social media personalities who use their platform to promote financial...more

A&O Shearman

Key Regulatory Topics: Weekly Update 8 - 14 Mar 2024

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There were some key publications this week in relation to financial crime, including a Commission request for the EBA to advise on standards and guidelines under the future AML/CFT framework in Europe and, in the UK, an HMT...more

A&O Shearman

Key Regulatory Topics Weekly Update 16 February to 22 February 2024

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Of particular note this week in the EU, the Council adopted the legislative package to strengthen market data transparency which includes changes to the EU’s trading rules on market data, payment for order flow and commodity...more

A&O Shearman

Draft UK Legislation on Revised Payment Service Contract Termination Rules Expected Before 2024

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HM Treasury has published a further policy statement on payment service contract termination rule changes, setting out its approach to implementation, timing and next steps. This latest policy statement follows the...more

Walkers

New independent compliance audit requirement in Guernsey

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The Guernsey Financial Services Commission ("GFSC") updated its Handbook on Countering Financial Crime and Terrorist Financing (the "Handbook") in early July 2023 and the updates included a new requirement for a "specified...more

Proskauer Rose LLP

Regulation Round Up - June 2023

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MiFIR / MiFID II: The European Parliament published a press release announcing it has reached provisional political agreement with the Council of the EU on the proposed amendments to the Markets in Financial Instruments...more

Proskauer Rose LLP

Regulation Round Up - March 2023

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31 March - SFTR: The European Securities and Markets Authority (“ESMA”) published an updated version of its Q&As (ESMA74-362-893) on complying with reporting requirements under the Regulation on reporting and transparency...more

Proskauer Rose LLP

Regulation Round Up - December 2021

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Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. ...more

Latham & Watkins LLP

10 Key Focus Areas for UK-Regulated Financial Services Firms in 2022

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Environmental, social, and governance (ESG) considerations have come to the forefront of firms’ regulatory change agendas in recent years, and this focus looks set to continue in 2022. The past year has witnessed significant...more

Hogan Lovells

Financial institutions general regulatory news, August 2021 #2

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FCA regulatory sandbox: new application guide and now always open The Financial Conduct Authority (FCA) has published a new guide to assist firms making a regulatory sandbox application. The FCA has also updated its webpage...more

Skadden, Arps, Slate, Meagher & Flom LLP

Recent AML Enforcement Trends in the UK

The UK has stepped up its anti-money laundering (AML) enforcement approach in recent months, both issuing larger fines and looking to expand the scope of activities it regulates. Historically, the UK has consistently taken a...more

Hogan Lovells

Financial institutions general regulatory news, April 2021

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UK-EU MoU on regulatory cooperation in financial services - HM Treasury has announced that technical discussions on the text of the memorandum of understanding (MoU) on UK-EU regulatory cooperation in financial services have...more

Hogan Lovells

Financial institutions general regulatory news, March 2021 # 3

Hogan Lovells on

AI Public-Private Forum: BoE publishes minutes of second meeting The Bank of England (BoE) has published minutes from the second meeting of the Artificial Intelligence Public-Private Forum (AIPPF), which was held on 26...more

Hogan Lovells

Financial institutions general regulatory news, December 2020 # 2

Hogan Lovells on

European Union Withdrawal (Consequential Modifications) (EU Exit) Regulations 2020 - The European Union Withdrawal (Consequential Modifications) (EU Exit) Regulations 2020 (SI 2020/1447) have been published, together with...more

Hogan Lovells

Payments regulatory news, December 2020

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UK payment systems: Pay.UK recommendations for adopting ISO 20022 - Pay.UK published a report containing conclusions and recommendations relating to adopting the common global messaging standard for UK payments, known as...more

Hogan Lovells

Financial institutions general regulatory news, September 2020

Hogan Lovells on

SMCR extension: SI extending implementation date made - The Bank of England and Financial Services Act 2016 (Commencement No. 6 and Transitional Provisions) (Amendment) Regulations 2020 (SI 2020/929) have been made....more

Hogan Lovells

Global Payments Newsletter, March 2020

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Key developments of interest over the last month include: Spain: The Spanish Council of Ministers has approved a draft Bill for the Digital Transformation of the Financial System, which will create a Spanish regulatory...more

Hogan Lovells

FCA sets out approach to AML crypto supervision

Hogan Lovells on

A Director of Enforcement at the Financial Conduct Authority (FCA)  has set out some of the key challenges the regulator expects in its new role as AML/CTF (anti-money laundering/counter terrorist financing) supervisor for...more

Hogan Lovells

UK FCA becomes AML/CFT crypto supervisor

Hogan Lovells on

The UK Financial Conduct Authority (FCA) has become the anti-money laundering and countering the financing of terrorism (AML/CFT) supervisor for some types of cryptoasset businesses. These will need to meet certain...more

A&O Shearman

UK Regulator Provides Guidance on Regulatory Perimeter and Crypto-Assets

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The U.K. Financial Conduct Authority has published a Policy Statement and final Guidance on Crypto-assets. The Policy Statement summarizes the feedback received to the FCA's consultation on draft Guidance and sets out the...more

A&O Shearman

Financial Regulatory Developments Focus - November 2018 #3

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In this week’s newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

Latham & Watkins LLP

Findings from FCA Thematic Review on AML and CTF Systems and Controls Provide Timely Reminder for Firms

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Examples of good and poor practices provide helpful guidance, and a reminder of supervisory expectations. The FCA has published TR18/3, setting out the findings from its thematic review of the anti-money laundering (AML)...more

A&O Shearman

Financial Regulatory Developments Focus - May 2018 #4

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In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

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