Serious Crime Bill 2014 As some readers will be aware, the House of Commons is currently considering the Serious Crime Bill 2014 (the “Bill”), which proposes amendments to various pieces of existing criminal legislation, including the Proceeds of Crime Act 2002 (“POCA”). Serious Crime Bill 2014 http://bit.ly/1upvzAj On 8 January 2015, Karen Bradley MP (Minister for […]

On 21 January, the FCA held two live webinars which are now available to watch on demand. The first webinar focused on Managing money laundering and sanctions risk at smaller banks, http://bit.ly/1yB3fQx whilst the second webinar looked at Managing bribery and corruption risk in commercial insurance broking. http://bit.ly/1y6UUPO The webinars each comprise of a presentation from Rob […]

Following the 2014 series of consultation papers on amendments to the AML/CFT Handbooks for the Prevention and Detection of Money Laundering and the Financing of terrorism, and the feedback paper published by the Commission in December 2014, the Commission wishes to advise that: The revised AML/CFT Handbook for regulated financial services business is effective from 1 […]

How small banks manage money laundering and sanctions risk: NOV 2014 Update and report follows the Financial Services Authority’s 2011 report on Bank’s management of high money-laundering risk situations (the 2011 AML review) and the subsequent enforcement action and regulatory guidance. It sets out the findings of our thematic review into how small banks manage […]

The Financial Conduct Authority (FCA) has found that many small banks and commercial insurance intermediaries fail to effectively manage financial crime risk. The two reviews published in November 2014 related work by the FCA’s predecessor on banks in 2011 and intermediaries in 2010. While the reviews found some firms had made good progress in addressing […]

The new JFSC version of the Handbook for the prevention and detection of money laundering and the financing of terrorism is effective from 1 January 2015. CLICK HERE – http://bit.ly/1Da5QEd The new sections are made up as follows General sections Section 1 – Introduction Section 2 – Corporate governance Section 3 – Identification measures – […]

British bank Standard Chartered has hired two experts in the US to monitor criminal activities in its transactions, following various complaints of violations of law. The two former prosecutors have been recruited in November and December, coinciding with a federal probe of Standard Chartered’s past compliance with sanctions laws, reported Reuters. Former assistant director of […]

The U.S. Federal Reserve ordered Commerzbank AG and its U.S. branch on Thursday to hire an independent consultant to help the German bank clean up its internal anti-money laundering programs. The Fed and the bank first entered into an agreement in June 2012 that required Commerzbank to improve compliance in its bulk cash transactions business. […]