Risk and Compliance Update – 2nd October

Risk and Compliance Update – 2nd October

In this issue:

Coronavirus (COVID-19)

Financial crime & sanctions

Brexit

Additional Risk & Compliance updates this week

LexTalk®Risk & Compliance: a Lexis®PSL community

Daily and weekly news alerts

New and updated content

Trackers

Latest Q&A


Coronavirus (COVID-19)

New self-isolation obligations on employers and workers that carry criminal sanctions

Legal obligations in relation to self-isolation, applying to employers, workers, agency workers, agents and principals, contraventions of which carry criminal sanction, were brought into force on 28 September 2020 by the Health Protection (Coronavirus, Restrictions) (Self-Isolation) (England) Regulations 2020. This report analyses them. See News Analysis: New self-isolation obligations on employers and workers that carry criminal sanctions.


ICO updates regulatory approach document

The Information Commissioner’s Office (ICO) has updated its regulatory approach document, published in response to the coronavirus (COVID-19) pandemic. The update is informed by what organisations have told the ICO about their capacity and takes account of increasing operational resilience as organisations start to recover. It is another step towards returning to the ICO’s approach before coronavirus, but with the caveats and exceptions intended to reflect the current situation. See: LNB News 24/09/2020 70.


Financial crime & sanctions

FinCEN papers

The Financial Action Task Force (FATF) has released a statement on the publication of reports by media outlets about the disclosure of suspicious activity reports (SARs) documents filed by financial institutions with the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). FATF has refused to comment on information from SARs or suspicious transaction reports, as this is confidential information under the FATF standards. FATF nonetheless emphasises the importance for all countries and private entities to implement its standards to help prevent money laundering and terrorist financing, including filing suspicious transaction reports with competent authorities. See: LNB News 24/09/2020 32.

The ‘FinCen Papers’ look set to become the next Panama Papers, where confidential information has been leaked, lifting the lid on the sheer scale of financial crime and money laundering. Gary Pons, barrister at 5SAH Chambers specialising in complex financial cases and recovery of the proceeds of crime, considers the publication of the FinCen Papers, containing over 2100 SARs from FinCen, the problems with the SARs regime it reveals and suggests that it might be an opportunity to improve the SARS regime. See News Analysis: How the FinCen Papers provide an opportunity to improve the Suspicious Activity Report (SARs) regime.

 


 

OFSI confirms eight additions to Consolidated List subject to asset freezing

The Office of Financial Sanctions Implementation (OFSI) has published a new Global Human Rights Financial Sanctions Notice. The Notice confirms that eight entries have been listed in the annex to the Notice, added to the Consolidated List and therefore subject to asset freezes under the Global Human Rights Sanctions Regulations 2020, SI 2020/680. See: LNB News 30/09/2020 82.


 

Brexit

Lawyers and legal practice—further Brexit transition guidance from Ministry of Justice

The Ministry of Justice has published new guidance pages for lawyers and legal services providers practising in the UK, EU, Iceland, Liechtenstein, Norway or Switzerland from 1 January 2021 to help legal professionals prepare for the end of the transition period. With legislation and new systems for recognition of professional qualifications pending, further guidance will be issued as the transition period progresses, so stakeholders are advised to monitor these pages for updates. See: LNB News 30/09/2020 78.


Additional Risk & Compliance updates this week

FCA BI test case—‘precautionary’ leapfrog applications to appeal to Supreme Court made

The Financial Conduct Authority (FCA) has confirmed, in a press release dated 29 September 2020, that it has made a ‘precautionary’ leapfrog application to appeal to the Supreme Court parts of the decision of the business interruption (BI) test case for losses arising out of coronavirus. See: LNB News 29/09/2020 1.


LexTalk®Risk & Compliance: a Lexis®PSL community

Collaborate and network with a community of expert lawyers

LexTalk® is an online community forum which gives Lexis®PSL subscribers the opportunity to post questions, hold conversations, participate in discussions and share best practice. It has been designed to provide a secure place for legal professionals to discuss legal developments, offer and receive peer support, and gain a sense of up-to-date market practice and advances in real-time. You can access and post questions on all of the dedicated practice area forums, including a dedicated community for Lexis®PSL Risk & Compliance.

Click here to sign up and meet like-minded community members, create a profile, connect, share, and start participating today! Alternatively, you can access LexTalk® on the key resources tab on your Practice Area home page.

 


 

Daily and weekly news alerts

Did you know that you can set up your own personal alerts to let you receive all of our news stories on either a daily or a weekly basis? Go to your ‘News’ tab and amend your personal settings to subscribe to regular updates by clicking on either ‘Email’ or ‘RSS’ (depending on how you prefer to receive them) on the right hand side of the blue banner.


New and updated content

Practice Note: What’s new and what’s changed in 2020—Risk & Compliance contains a summary of substantive changes to our content.

Updated Practice Notes

• Personal data sharing between controllers

• Brexit legislation tracker

• Supply chains under data protection law—arrangements between controllers and processors

• Coronavirus (COVID-19)—safe working in an office environment


Updated Precedents

• AML and counter-terrorist financing policy

• Coronavirus (COVID-19) workplace risk assessment and plan—offices


 Updated Checklist

• Coronavirus (COVID-19)—safe working in an office environment—checklist


 Trackers

Lexis®PSL Risk & Compliance has a dedicated area on the Key Resources section of the home page that tracks interesting and important cases, legislation, consultations and other key developments in the world of practice compliance. For more information, see: Risk & Compliance forecast as at 22 September 2020.


 Latest Q&A

• What money laundering and terrorist financing red flags do I need to look out for in a transaction or matter involving virtual assets?

 

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