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Our November update covers Brexit, Risk & Compliance, Commercial, Corporate, Information Law & TMT and Employment.
The Commons European Statutory Instruments Committee and the Lords Secondary Legislation Scrutiny Committee are responsible for the sifting process under the European Union (Withdrawal) Act 2018. These committees scrutinise proposed negative Brexit SIs and make recommendations on the appropriate parliamentary procedure before the instruments are laid in Parliament. This bulletin outlines the latest updates and recommendations, collated on 1 November. See News Analysis: Brexit SI Bulletin—latest drafts and sifting committee recommendations, 1 November 2019.
The National Crime Agency has published its annual UK financial intelligence unit (UKFIU) report into suspicious activity reports (SARs). The UKFIU reports that it received and processed 478,437 SARs between April 2018 and March 2019, including 34,543 requests for a defence against money laundering (representing a 52.72% increase) with refusals of a defence numbering a small 1372. These refused requests related to a total of £131,667,477 in funds which were restrained, seized, forfeited or recovered as a result (more than double on the previous year). 459 cases involved no previous or existing law enforcement investigation. See: LNB News 06/11/2019 31.
The Financial Action Task Force (FATF) is developing guidance to clarify how digital identity systems can be used for customer due diligence (CDD), and consulting on a draft. The guidance intends to help governments, financial institutions and other relevant entities apply a risk-based approach to the use of digital ID for CDD. Feedback is sought by 29 November 2019. See: LNB News 31/10/2019 80.
The National Cyber Security Centre (NCSC) has published the first full cybersecurity body of knowledge (CyBOK), which codifies foundational information in 19 knowledge areas and should be used as a tool to address the means and objectives of cybersecurity, understand failures and incidents and limit risk. See: LNB News 06/11/2019 51.
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