Global Financial Regulatory Blog

Tag Archives: money laundering

Key Regulatory Developments in Hong Kong and Singapore: September 2020

Regulators consult on anti-money laundering guidelines and issue guidance on cybersecurity, best execution, and senior management accountability. By Farhana Sharmeen, Simon Hawkins, Kenneth Y.F. Hui, and Marc Jia Renn Tan This blog post summarizes key regulatory developments in Hong Kong and Singapore during September 2020, including: (i) the SFC’s consultation on enhancements to its Guideline on … Continue Reading

Hong Kong SFC Consults on Enhancements to Anti-Money Laundering Guideline

Amidst its continued regulatory focus on money laundering and terrorist financing risks, the SFC seeks to clarify and consolidate guidance for licensed firms. By Simon Hawkins and Kenneth Y.F. Hui On 18 September 2020, the Hong Kong Securities and Futures Commission (SFC) published a consultation paper proposing a number of amendments to its Guideline on … Continue Reading

Key Regulatory Developments in Hong Kong and Singapore: July 2020

Regulators are consulting on how to enhance trust business regulation, introduce new omnibus legislation, and encourage best practices in sustainable banking. By Farhana Sharmeen, Simon Hawkins, Kenneth Hui, and Marc Tan This blog post summarises key regulatory developments in Hong Kong and Singapore during July 2020, including: The HKMA’s publication of examples of good practices … Continue Reading

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

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. By Rob Moulton, Jonathan Ritson-Candler, Fiona Maclean, and Olga Phillips The UK government has published a statement endorsing the Financial Action Task Force’s (FATF’s) recommendations that regulated financial institutions … Continue Reading

COVID-19: FCA Dear CEO Letter to Firms Providing Services to Retail Investors

The FCA sets out its approach on client identity verification, supervisory flexibility over best execution obligations and 10% depreciation notifications, and financial resilience. By Rob Moulton and Anna Lewis-Martinez On 31 March 2020, the FCA published a Dear CEO letter to firms providing services to retail investors about COVID-19. The FCA makes it clear that it expects … Continue Reading

UK Scores Highly on Anti-Money Laundering Review

FATF has published its highly anticipated report on the effectiveness of the UK’s anti-money laundering and counter-terrorist financing measures. By Jon Holland, Rob Moulton, and Jonathan Ritson-Candler On 7 December 2018, the Financial Action Task Force (FATF) published its highly anticipated mutual evaluation report of the UK. The report sets out the UK’s global standing … Continue Reading

Findings from FCA Thematic Review on AML and CTF Systems and Controls Provide Timely Reminder for Firms

Examples of good and poor practices provide helpful guidance, and a reminder of supervisory expectations. By Frida Montenius, Jonathan Ritson-Candler, and Charlotte Collins The FCA has published TR18/3, setting out the findings from its thematic review of the anti-money laundering (AML) and counter-terrorist financing (CTF) systems and controls in 13 Electronic Money Institutions (EMIs). Although the … Continue Reading
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