News & Analysis as of

Anti-Money Laundering Customer Due Diligence (CDD) United Kingdom

A&O Shearman

HMT consultation response on improving the effectiveness of the money laundering regulations

A&O Shearman on

HM Treasury (HMT) has published its consultation response in relation to its 2024 consultation on proposals to improve the effectiveness of the UK Money Laundering Regulations (MLRs). The consultation concentrated on four...more

Walkers

Beneficial ownership registers: Jersey’s latest consultation paper on access to information

Walkers on

Jersey: Consultation paper on access to information - On 26 April 2024, the States of Jersey published its latest consultation paper on "Access to information on Jersey's Central Register of Companies and legal persons"....more

Goodwin

The FCA’s 2023/24 Priorities for UK Payments: Firms and Investors, Take Note

Goodwin on

On March 16, 2003, the UK Financial Conduct Authority (FCA) published its letter Portfolio Letter: FCA priorities for payments firms to the CEOs of UK Payment Institutions (PIs), Electronic Money Institutions (EMIs), and...more

King & Spalding

Anti-Money Laundering Implications for the Art Market in the UK

King & Spalding on

Introduction - The art market is characterised by high-value, portable items that can be bought and exchanged quickly and often confidentially. These features, which make the market inherently vulnerable to many types of...more

Cadwalader, Wickersham & Taft LLP

UK Anti-Money Laundering Legislation in a Post-Bexit Landscape

Following months of uncertainty, on Christmas Eve a Brexit agreement was finally reached between the United Kingdom (“UK”) and the European Union (“EU”). The European Union (Future Relationship) Act 2020 (the “Act”) received...more

A&O Shearman

Key Regulatory Topics: Weekly Update 26 Feb - 4 Mar 2021

A&O Shearman on

Brexit - FCA provides information on the Temporary Permissions Regime (TPR) On 3 March, the FCA published new webpages providing information on the TPR. Firstly, the FCA published a webpage on how it will supervise firms...more

Hogan Lovells

Payments regulatory news, December 2020

Hogan Lovells on

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

BCLP

A rag-bag of changes to UK money laundering regulations

BCLP on

UK regulations implementing the EU 5th Money Laundering Directive (“5MLD”) came into force on 10 January 2020: the Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (“MLR 2019”). The regulations make a...more

A&O Shearman

HM Treasury Publishes Report on Activities of Anti-Money Laundering and Counter-Terrorist Financing Supervisory Bodies

A&O Shearman on

HM Treasury has published a report on the activities undertaken by the U.K.'s anti-money laundering and counter-terrorist financing supervisory bodies in 2017-2018. The report follows the publication of the Financial Action...more

K&L Gates LLP

Can You Keep a Secret? Publishing the Identity of Ultimate Beneficial Owners

K&L Gates LLP on

Customer due diligence is a familiar phrase for many. But at a time when money laundering is estimated to represent between 2 - 5% of GDP globally, customer due diligence is set to change and the UK Government is at the...more

Hogan Lovells

Money Laundering Regulations 2017: government rush threatens a teething period for property auctioneers

Hogan Lovells on

New money laundering regulations could prove to be a headache for property auctioneers until those affected get to grips with the changes, according to leading figures in the industry....more

Foodman CPAs & Advisors

Why is On-boarding and Off-boarding Bank Clients Important?

After the Panama Papers, and with the recent FinCEN final Customer Due Diligence (CDD) rule, U.S. financial institutions are further focused on tightening internal controls against money laundering, terrorist financing,...more

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