The FCA has announced that there has been a 75% increase in the number of enforcement cases over the last year. At the same time, in an effort to disarm concerns about the enforcement of the new Senior Mangers Regime, the FCA has said that it wants to move away from a fear based culture of regulation.
Although firms will not be expected to have completed all aspects of implementation by 30 September, firms must move quickly to complete initial steps including risk assessments and implementation plans.
The Criminal Finances Bill will hold firms criminally liable where employees facilitate tax evasion by their clients. To protect themselves, firms must implement reasonable prevention procedures to mitigate the risk of facilitating a tax evasion offence.
The 5th Money Laundering Directive is proceeding along the European Union’s legislative process. What will it entail?
The FCA issued a booklet aimed at consumer credit firms setting out good and bad practice on compliance with obligations under the Money Laundering Regulations 2007. While directed at consumer credit firms, the booklet is, of course, relevant to all firms subject to the MLR.
Close supervisory attention to money laundering compliance backed by a steady stream of enforcement cases has resulted in improved standards of compliance. However, according to the FCA, there continue to be significant and widespread weaknesses in AML and sanctions systems and controls. The FCA’s latest report on its Thematic Review…