UK, Know Your Customers, Financial Conduct Authority (FCA)

New Year, Similar Concerns: The FCA's 2025 Priorities for UK Private Fund Managers

Goodwin on 3/3/2025

On 26 February 2025, the Financial Conduct Authority (FCA) published a portfolio letter (Letter) explaining its supervision priorities for the asset management and alternatives portfolios....more

Stumbling Block? What is the Path Ahead for DeFi Through the Eyes of Policymakers?

BCLP on 2/12/2024

DeFi development carried quietly on throughout 2023, but DeFi protocols also faced significant hurdles. In the US, the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) increased their...more

Financial Sanctions—Systems and Controls for FCA Firms

Paul Hastings LLP on 10/20/2023

Enforcement and legal risks relating to sanctions compliance remain high and all firms should continue to exercise care in meeting regulatory expectations. The promulgation of new sanctions relating to Russia has slowed but...more

UK sanctions systems and controls: lessons learnt

A&O Shearman on 9/21/2023

The UK Financial Conduct Authority (FCA) has assessed the systems and controls relating to sanctions compliance for over 90 firms across a range of sectors and summarised its findings of good and poor practice. Acknowledging...more

Banking Bites - May 2022 #2

BCLP on 5/31/2022

Privy Council rules against extension of the Quincecare duty - Does a bank owe a duty of care to a person who is the beneficial owner of funds held in the account of a customer of the bank and who has been defrauded by...more

UK FCA becomes AML/CFT crypto supervisor

Hogan Lovells on 1/21/2020

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