On May 18, a speech by the European Commissioner for Financial Services, Financial Stability and Capital Markets Union was published outlining elements of the anti-money laundering (AML) and counter-terrorist financing (CTF) action plan that the European Commission (Commission) intends to present further and reform.
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AML/CFT
FINRA Reminds Members About Options Account Approval, Supervision and Margin Requirements
On April 9, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 21-15 (Notice) in response to the recent increase in the number of customers seeking to open brokerage accounts and trade options.
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AML: HM Treasury Updates Advisory Notice on Money Laundering and Terrorist Financing Controls in Higher-Risk Jurisdictions
On March 24, HM Treasury revised its advisory notice on money laundering and terrorist financing controls in overseas jurisdictions (AML/CTF). This replaces all previous notices issued by HM Treasury on this subject. The updated notice follows two statements published by the Financial Action Task Force on February 25, identifying jurisdictions with strategic deficiencies in their AML/CTF regimes.
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AML: UK Government Publishes Money Laundering and Terrorist Financing (Amendment) (High-Risk Countries) Regulations 2021
On March 25, the UK Government published the Money Laundering and Terrorist Financing (Amendment) (High-Risk Countries) Regulations 2021 (SI 2021/392) on its website together with an explanatory memorandum (the Regulations).
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NFA Publishes Series of Member Notices Related to Common Deficiencies and Other Regulatory Matters
On March 11, the Financial Crimes Enforcement Network (FinCEN) issued an advisory to announce that the Financial Action Task Force (FATF) has updated its list of jurisdictions with strategic anti-money laundering and combatting the financing of terrorism (AML/CFT) deficiencies.
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EBA Publishes Response to the European Commission’s Call for Advice on the EU’s AML and CFT Framework
On September 10, the European Banking Authority (EBA) published its response to the European Commission’s March 2020 call for advice on the EU’s future anti-money laundering (AML) and countering the financing of terrorism (CFT) framework (the Response).
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FCA Publishes Consultation Paper on Extending Annual Financial Crime Reporting Obligation
On August 24, the UK’s Financial Conduct Authority (FCA) published a consultation paper on extending its annual financial crime reporting obligation (REP-CRIM) to a wider range of FCA-regulated firms in the UK (the Consultation Paper).
REP-CRIM aims to identify indicators where there is a potential money laundering risk posed by a regulated firm, based on its regulated activities and customers.
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AML: European Commission Adopts a New Delegated Regulation in Relation to the Fourth Money Laundering Directive
On May 7, the European Commission (the Commission) adopted a new Delegated Regulation to amend the list of high-risk third countries with strategic anti-money laundering (AML) and counter-terrorist financing (CTF) deficiencies under the Fourth Money Laundering Directive (the Delegated Regulation).
The Delegated Regulation will:
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NFA Issues Notice Regarding FinCEN COVID-19 and AML/CFT Guidance
On April 8, the National Futures Association (NFA) published Notice I-20-17, notifying Member futures commission merchants (FCMs) and introducing brokers (IBs) of two recent issuances from the Financial Crimes Enforcement Network (FinCEN).
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AML: JMLSG Proposes Amended Guidance
On February 4, the UK’s Joint Money Laundering Steering Group (JMLSG) announced proposed amendments to its anti-money laundering (AML) and counter-terrorist financing (CTF) guidance (the Guidance). The JMLSG is a UK-focused group of trade bodies which produces AML and CTF guidance to assist the financial services industry.
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