News & Analysis as of

United Kingdom Suspicious Activity Reports (SARs)

K&L Gates LLP

The Latest OFSI Property and Related Services Threat Assessment

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The United Kingdom’s Office of Financial Sanctions Implementation (OFSI) has published a report detailing suspected breaches of UK financial sanctions involving UK property and related services firms since February 2022 and...more

A&O Shearman

UK Financial Intelligence Unit SARS report published

A&O Shearman on

The UK Financial Intelligence Unit (UKFIU) has published its annual report on suspicious activity reports (SARs) for the period between April 2023 and March 2024. The annual report structure has been updated due to a number...more

White & Case LLP

A call to arms: The FCA highlights the ongoing risk of money laundering through the capital markets

White & Case LLP on

The UK's capital markets are a vital economic driver, and also a significant source of money laundering risk. This is a difficult area of risk for regulators and law enforcement to understand and tackle, but progress is being...more

Katten Muchin Rosenman LLP

FCA Feedback on Good and Poor Quality Applications

On 6 October 2023, the Financial Conduct Authority (“FCA”) updated its anti-money laundering (“AML”) and counter terrorist financing (“CTF”) regime webpage (“Webpage”) with useful feedback on good and poor quality...more

A&O Shearman

Extended pre-investigative powers for the UK Serious Fraud Office coming soon

A&O Shearman on

The UK Government is expanding the scope of the Serious Fraud Office’s (SFO) power to compel individuals and companies to provide information before a formal SFO investigation is commenced. Currently the power can only be...more

White & Case LLP

UK Money Laundering: Crossing the Million SAR Threshold

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Firms that act as financial gate-keepers have obligations to report suspicions or knowledge of money laundering via Suspicious Activity Reports to the National Crime Agency ("NCA"). SARs have been filed for almost 20 years...more

Skadden, Arps, Slate, Meagher & Flom LLP

UK Government Expands Enforcement Measures To Address Fraud and Money Laundering

On 22 September 2022, the U.K. government introduced the Economic Crime and Corporate Transparency Act 2022. The new bill is currently navigating its way through the U.K. Parliament and is likely to receive royal assent in...more

BCLP

Second Economic Crime Bill heralds some big changes for financial services firms

BCLP on

We’ve waited over half a year for it and it’s finally here but what does the second Economic Crime and Corporate Transparency Bill of 2022 (the “Bill”) mean for businesses in and outside the regulated sector? The Bill’s...more

Sheppard Mullin Richter & Hampton LLP

UK Reprimands Companies For Failing to Keep Up with Access Requests

The ICO, Britain’s privacy authority, recently issued reprimands to seven organizations citing multiple failures of the organizations to respond to data subject access requests either within the statutory time frame or at...more

Skadden, Arps, Slate, Meagher & Flom LLP

UK’s Red Alert on Financial Sanctions Evasion Signals Regulatory Alignment on Future Sanctions Enforcement

Amid the continued rollout of new sanctions measures in response to Russia’s invasion of Ukraine, the U.K. National Crime Agency (NCA) and HM Treasury’s Office of Financial Sanctions Implementation (OFSI) have jointly issued...more

Faegre Drinker Biddle & Reath LLP

UK’s Data Protection Reform Proposals Show Distinct Divergence from EU Rules

The UK government has recently published proposals to amend UK data protection legislation with moves towards divergence from EU rules and regulation following the UK’s decision to leave the EU (“Brexit”). The Data Protection...more

A&O Shearman

English High Court provides important clarification of Banks’ ‘Quincecare Duty’

A&O Shearman on

The so-called ‘Quincecare duty’ has received heightened attention in the English courts in recent years. The duty requires a bank not to execute a customer’s payment instructions where, and for so long as, the bank has...more

White & Case LLP

Winning the AML Intelligence War with Public Private Partnerships

White & Case LLP on

Key considerations for banks engaging with governments and peer institutions to improve financial crime compliance systems - Every year, banks spend billions of dollars on core financial crime compliance systems and are...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

A&O Shearman

Disclosure of Suspicious Activity Reports (SARs) in civil litigation

A&O Shearman on

The UK Government issued new guidance in July 2021 on how it considers companies and individuals should approach the question of disclosure of suspicious activity reports (SARs) in English civil litigation. The guidance...more

A&O Shearman

Economic crime UK legislative reforms: impact for businesses

A&O Shearman on

Economic crime reform is firmly on the UK government’s agenda. What can we expect to see in the short to medium term which may impact businesses? A recent update provides some clues....more

A&O Shearman

Key Regulatory Topics: Weekly Update March 2021 #4

A&O Shearman on

FCA consults on updated mortgages tailored support guidance – Covid-19 On 5 March, the FCA published updated draft mortgages tailored support guidance for firms, to apply from 1 April at the expiration of the current...more

WilmerHale

Cross-border information-sharing - insubstantial guidance for UK corporates

WilmerHale on

On 12 May 2020 the UK belatedly published its statement on cross-border information-sharing within corporate groups (the Statement). This one-page document primarily consists of general acknowledgements of the importance of...more

Latham & Watkins LLP

UK Firms Should Share Customer Information Cross-Border Intra-Group to Fight Money Laundering and Terrorist Financing

Latham & Watkins LLP on

UK government encourages regulated firms to share customer information within corporate groups, highlighting interaction with firms’ obligations under the Proceeds of Crime Act 2002 and GDPR. The UK government has...more

BCLP

Letting agents: anti-money laundering requirements

BCLP on

On 10 January 2020, The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 came into force. As a result, letting agents are now supervised by HMRC for anti-money laundering and counter-terrorist financing...more

Robins Kaplan LLP

Financial Daily Dose 12.12.2019 | Top Story: Fed Holds Rates Steady And Looks to Stay There

Robins Kaplan LLP on

As expected, the Fed kept interest rates unchanged on Wednesday while also signaling that “they would wait to see how the economy fared before making another move”....more

Latham & Watkins LLP

Private Bank Briefing: Issues Impacting the Private Bank Sector - December 2019

Latham & Watkins LLP on

Since it entered into force in 2018, the PRIIPs Regulation has raised a number of issues. These range from issues concerning the scope of the Regulation, in particular its application to corporate bonds and the impact this...more

A&O Shearman

Key Regulatory Topics: Weekly Update 8 - 14 November 2019

A&O Shearman on

UPCOMING SEMINARS - Convergence, divergence and disturbance: What’s next for financial regulation in Europe? On 19 November, 8.30am to 9.30am, a panel of A&O’s European regulatory partners will discuss issues facing their...more

Katten Muchin Rosenman LLP

Corporate & Financial Weekly Digest, Featuring Articles Articles on CFTC Proposed Rule to Amend Reg. 160.30, NCA Publishes Annual...

CFTC - CFTC Proposes Rule to Amend Regulation 160.30 - On November 12, the Commodity Futures Trading Commission (CFTC) published a proposed rule that would amend CFTC Regulation 160.30 by establishing specific...more

Katten Muchin Rosenman LLP

Corporate & Financial Weekly Digest, Featuring Articles on Global AML Warnings and Guidance, US Agencies Join the GFIN

FINANCIAL MARKETS - FATF Updates List of AML/CFT Deficient Jurisdictions - On October 18, the Financial Action Task Force (FATF) published its updated list of jurisdictions that have strategic anti-money laundering...more

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