The JMLSG has published revised versions of the sector specific additional material for asset finance (12) and syndicated lending (17) in Part II of its Guidance on the prevention of money laundering and the financing of terrorism.
In a speech on 22 May 2018, the FCA revealed that 2,100 firms, including all the major banks and life insurers, had responded to the annual financial crime data return by 31 December 2017.
The Data Protection Act 2018 replaces the Data Protection Act 1998 and provides a comprehensive legal framework for data protection in the UK, supplemented by the GDPR until the UK leaves the EU.
The Sanctions and Anti-Money Laundering Act 2018 creates a new sanctions regime for the UK after Brexit, needed to keep UK Anti-Money Laundering (“AML”) and Counter-Terrorist Financing (“CTF”) measures up to date.
Due to changes brought about by MiFID II, the FCA is retiring FG12/15 on independent and restricted advice and FG14/1 on inducements and conflicts of interest.
ESMA provides a one-stop company portal for investors seeking information on whether a financial service provider is authorised within the EU.
GDPR removes the requirement for data controllers to register with the ICO; however, new regulations require all data controllers to continue paying the ICO an annual fee.
A fifth revision of the Anti-Money-Laundering Directive has been adopted by the European Parliament; EU Member States will have up to 26 months to transpose these new rules once the 5th AMLD is published in the Official Journal.
The FCA are consulting on changes to the Financial Crime Guide to keep it up to date, proposing to add a chapter on insider dealing and market manipulation and make miscellaneous changes.