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 ...
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 ...
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 ...
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”).
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.
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