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Showing 1 - 10 of 52 matches filtered by 'Money laundering'

  • The FCA and PRA ask banks to review their arrangements with deposit aggregators

    On 14 April 2021, the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) sent a “Dear CEO Letter” to the chief executive officers of banks and building societies regarding the use of deposit aggregators and how to mitigate some of the key risks (link). However, the regulators were also ...
  • CMS expert guide to Anti-Money Laundering and Counter Terrorist Financing in CEE

    In order to maintain the integrity of financial markets and prevent corruption and terrorism, governments must take a robust approach to money laundering and terrorist financing in step with a coordinated global strategy. The European Commission and other international organisations have issued directives and guidances with standard rules and regulations ...
  • EBA's new mandate to lead AML/CFT supervision efforts across the entire EU financial sector

    Following the entry into force of Regulation (EU) 2019/2175 of the European Parliament and of the Council on 1st January 2020 (the "Regulation"), the European Banking Authority ("EBA") is from now on entrusted with all anti-money laundering and counter terrorist financing ("AML/CTF") mandates previously held by the three European supervisory ...
  • Germany: BaFin provides Guidance on the German Anti-Money Laundering Act with special focus on insurance companies

    In December 2018, the German Federal Financial Supervisory Authority (“BaFin”) published its general Guidance on the construction and application of the German Anti-Money Laundering Act ("GwG"). This Guidance was addressed to all persons and companies who are subject to GwG. On 31 January 2020, BaFin published further Guidance with special ...
  • Insurance 2020: Impact of Brexit on the Luxembourg insurance sector

    The UK’s decision to leave the European Union led insurance companies established in the UK to consider other options, such as relocating their place of business to continental Europe. In the midst of this contingency planning, Luxembourg emerged as a popular jurisdiction. The stability of its government, its triple A ...
  • FCA sets out cryptoasset business registration and fee requirements

    On 15 October 2019, the Financial Conduct Authority (“FCA”) published consultation paper CP19/29: Recovery of costs of supervising cryptoasset businesses under the proposed anti-money laundering regulations: fee proposals (“CP19/29”).  
  • Online Platforms: "Walking" the line between legal and financial services compliance ( Part 5 of 5)

    Anti-money laundering, terrorist financing, and know your client obligations FCA-authorised firms are required, pursuant to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on Payer) Regulations 2017 (“MLRs”), to implement anti-money laundering (“AML”) measures.  
  • Germany: BaFin provides Guidance on the German Money Laundering Act

    On 11 December 2018, the German Federal Financial Supervisory Authority (BaFin) has published its Guidance on the construction and application of the German Money Laundering Act (“GwG”) (“Auslegungs- und Anwendungshinweise zum Geldwäschegesetz”). By doing so, BaFin fulfils its duties to provide such guidance according to sect. 51 GwG. Background of ...
  • Belgian UBOs register has gone live

    Against the backdrop of the 4th and 5th Anti-Money Laundering Directives, Belgium passed a law dated 18 September 2017 on preventing money laundering and terrorist financing, and restricting the use of cash (“AML Law”). The AML Law laid the groundwork for a domestic ultimate beneficial owners (“UBOs”) register in readiness ...
  • FCA encourages the use of technology to combat crime

    The Executive Director of Supervision for Investment, Wholesale and Specialists at the Financial Conduct Authority (“FCA”) has encouraged firms to develop technology to help combat financial crime. In her speech at the Anti-Money Laundering TechSprint event on 22 May, Megan Butler reiterated that the FCA has a public duty to ...