Following an earlier consultation the Joint Money Laundering Steering Group (JMLSG) has published final guidance for money services businesses. The guidance has been submitted to HM Treasury for Ministerial approval. Eight comments received in response to the consultation were reviewed and considered by the editorial panel and the JMLSG board. Many of the suggestions on […]

In setting out new Guidance on assessing suitability in investment choices the Financial Services Authority (FSA) made clear it would be taking an “intrusive” and “intensive” supervisory approach.But as firms begin to look at what the report’s findings mean to them, are the action points clear and will the measures taken be viewed as sufficiently […]

The Joint Money Laundering Steering Group (JMLSG) has approved final guidance for consumer credit providers. This follows consultation earlier this year    Copies of the guidance file:///D:/Users/942965014/Downloads/BBA01-425703-v1-Consumer_credit_Guidance_text_Mar_14.pdf and the related press release  http://www.jmlsg.org.uk/news/guidance-for-consumer-credit-provider

The Association of British Insurers (ABI) and Association of Professional Financial Advisers (APFA) have published joint guidance for insurers and financial advisers on the tax information requirements for new customers following the implementation of the US Foreign Account Tax Compliance Act (FATCA) in the UK. The new requirements require life insurers to know the tax […]

The NCA has published a new guidance note from the United Kingdom Financial Intelligence Unit (UKFIU) on submitting a Suspicious Activity Report (SAR) within the regulated sector. This provides additional guidance on • the type of information which the NCA finds useful in a SAR and • other practical issues relating to SAR submission http://www.nationalcrimeagency.gov.uk/publications/116-submitting-a-sar-within-the-regulated-sector/file

On January 15, the Basel Committee on Banking Supervision issued final guidance regarding anti-money laundering/counter-terrorism financing (AML/CTF) risk management. http://www.bis.org/publ/bcbs275.pdf The Committee states that the guidelines are consistent with and supplement the 2012International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation issued by the Financial Action Task Force.  http://www.fatf-gafi.org/topics/fatfrecommendations/documents/internationalstandardsoncombatingmoneylaunderingandthefinancingofterrorismproliferation-thefatfrecommendations.html The guidelines […]

The Financial Stability Board (FSB) has published two papers designed to assist supervisors in enhancing risk management practices at financial institutions: • Principles for an effective risk appetite framework. Following comments received to an earlier consultation the principles have been revised. Respondents were generally supportive of the overall direction of the draft principles, however, they sought […]

The FCA has published Final Guidance (FG13/3) on its Code of Practice for the relationship between external auditor and the supervisor after receiving feedback from interested parties. The Final Guidance, published pursuant to general guidance under the Financial Services and Markets Act 2000 (FSMA), establishes five principles that seek to regulate the relationship between the […]