Risk and Compliance monthly update - November 2019

Risk and Compliance monthly update - November 2019

Brexit

Crime prevention

AML and counter-terrorist financing

GDPR and data protection

Information management & security

Brexit
No-deal Brexit & the law

For our report Continental Shift: No-deal Brexit and the law, we spoke to a range of experts to hear their views on the latest developments, focussing in particular on the implications of a no-deal Brexit, seeking answers to some of the key questions. As part of LexisNexis’ ongoing coverage of the Brexit preparations, this report seeks to cut through the rhetoric and provide an update on the legal and practical implications. See: Continental Shift: No-deal Brexit & the law.

Sanctions

The Office of Financial Sanctions Implementation (OFSI) has updated its guidance on post-Brexit sanctions to include a new document on the sanctions regime imposed on Russia, which will come into force in the event of a no-deal Brexit. The guidance sets out the financial and investment restrictions in the Russia (Sanctions) (EU Exit) Regulations 2019, SI 2019/855. See: LNB News 28/10/2019 4 & LNB News 25/10/2019 68.

eCommerce Directive

The Department for Digital, Culture, Media & Sport has published new guidance on the eCommerce Directive to help stakeholders prepare for the UK leaving the EU without a deal in place. See: LNB News 17/10/2019 23.

Business sector updates

The government has published further guidance pages for UK businesses collating existing stakeholder and sectoral guidance on Brexit, focusing on preparing for the no-deal scenario in certain sectors including telecoms, media and broadcasting, digital, technology, arts, creative industries, sports and recreation, gambling and tourism. See: LNB News 03/10/2019 47.

Crime prevention
Compliance teams

Companies need to better recognise the value of their compliance units, the SFO's top lawyer has said, noting the weight the UK agency gives to compliance processes when looking at suspected wrongdoing and deferred prosecution agreements. See: Businesses must lift ‘daily pressure’ on compliance units.

Fraud chief pushes coordination to tackle spiraling crime

Fraud and money laundering are reaching epidemic levels

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About the author:
Allison is a former partner of Shoosmiths, with extensive experience of legal management and practice compliance.