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
FINRA Reminds Members About Options Account Approval, Supervision and Margin Requirements
By Susan Light & Shelby Kost on
Posted in Broker-Dealer
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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Compliance Issues Related to Suspicious Activity Monitoring and Reporting at Broker-Dealers
By Susan Light on
Posted in Broker-Dealer
On March 29, the Securities and Exchange Commission Division of Examinations (EXAMS) issued a risk alert to remind broker-dealers of their obligations related to anti-money laundering (AML) rules and regulations, as well as to provide the staff’s observations of compliance items related to those obligations. The risk alert is designed to assist broker-dealers with reviewing and enhancing their AML programs.…
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AML: HM Treasury Updates Advisory Notice on Money Laundering and Terrorist Financing Controls in Higher-Risk Jurisdictions
Posted in Financial Markets, UK Developments
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
Posted in CFTC
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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AML: FATF ‘Red Flags’ associated with Cryptoassets
Posted in EU Developments, Financial Markets
On September 14, the Financial Action Task Force (FATF) published a report on cryptoassets (which the FATF refers to as virtual assets (VAs)) with its ‘red flag’ indicators of money laundering and terrorist financing (the Report).…
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EBA Publishes Response to the European Commission’s Call for Advice on the EU’s AML and CFT Framework
Posted in EU Developments, Financial Markets
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
Posted in Financial Markets, UK Developments
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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EBA Publishes Statement on the European Commission’s AML and CTF Action Plan
On August 19, the European Banking Authority (EBA) published its response to the European Commission’s action plan on preventing anti-money laundering (AML) and counter-terrorist financing (CTF) (the Response).
The EBA’s key recommendations set out in the Response are:…
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