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Risk & Compliance forecast as at 19 January 2021
Financial crime prevention
Other Risk & Compliance updates this week
Our new Risk & Compliance forecast as at 19 January 2021 is now live. This month, we report on issues including (1) AML and CTF; (2) data protection and 3) crime prevention. You can rest assured we're tracking forthcoming regulatory changes so you can plan ahead.
LSAG publishes updated anti-money laundering guidance for legal sector
The Legal Sector Affinity Group (LSAG) has published updated anti-money laundering (AML) guidance for the legal sector, which replaces the previous version of the guidance. The update follows the implementation in 2020 of Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 (5MLD), and consequent changes to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692. The updated guidance includes a new section on technology (addressing the need for firms to understand the technology they have in order to use it effectively) and aims to support legal professionals in complying with MLR 2017 (as amended). The guidance is currently in draft form, pending approval from HM Treasury, but is valid from the date of publication.
See: LNB News 20/01/2021 39.
JMLSG signposts areas of its AML/CTF guidance affected by end of Brexit transition period
The Joint Money-Laundering Steering Group (JMLSG) has set out the implications of the end of the Brexit transition period on its AML and CTF guidance, signposting the affected sections.
See: LNB News 15/01/2021 46.
HM Treasury updates AML guidance on understanding risks and taking action for trust or company service providers
HM Treasury has updated its money laundering guidance on understanding risks and taking action for trust or company service providers. A link to the National Risk Assessment 2020 has been added.
See: LNB News 18/01/2021 88.
FATF says coronavirus (COVID-19) pandemic should be catalyst for adoption of RegTech
The Executive Secretary of the Financial Action Task Force (FATF), David Lewis, has given a speech on coronavirus (COVID-19) and the impact it has had on money laundering and terrorist financing. Lewis started by saying that the pandemic presents opportunities for both the FATF and criminals, but that the 'main message is that the pandemic has been and should be a catalyst for the adoption of RegTech, and more efficient and effective AML/CTF measures'. The types of crimes the FATF is helping to stop include 'fraudulent access to and diversion of government aid, to the impersonation of government officials, fake fundraising campaigns and the counterfeiting of medical supplies, and now vaccines'. Lewis also said that the pandemic has resulted in an increase in human trafficking, exploitation of workers and online child exploitation. The FATF is focussing on three priority areas namely 'identifying the opportunities and challenges of new technologies for the private sector, supervisors and regulators, exploring the potential for data pooling, analysis and the real and perceived barriers to this including data privacy and protection, to explore new technologies that facilitate information-sharing amongst financial institutions while protecting personal information and helping to accelerate digital transformation for operational agencies, such as financial intelligence units and law enforcement authorities'.
See: LNB News 19/01/2021 62.
MP vows to keep pushing tougher economic crime law
Law360, London: The lawmaker behind plans to widen corporate criminal liability vowed on 14 January 2021 to keep pushing new rules to toughen penalties for economic crime, after an amendment to criminalise failing to prevent economic crime was dropped amid an expected lack of support in Parliament.
See: MP vows to keep pushing tougher economic crime law.
FinCEN fines Capital One $US 390m over AML violations
Law360: The Financial Crimes Enforcement Network (FinCEN) hit Capital One with a $US 390m fine on 15 January 2021 evening over admitted shortcomings in its anti-money laundering (AML) programme from 2008–2014 that the agency said allowed millions of dollars in suspicious transactions to go unreported.
See News Analysis: FinCEN fines Capital One $US 390m over AML violations.
EDPB & EDPS adopt joint opinions on new sets of SCCs proposed by Commission
The European Data Protection Board (EDPB) and European Data Protection Supervisor (EDPS) have adopted joint opinions on the draft sets of standard contractual clauses for contracts between controllers and processors, and transfers of personal data to third countries. The drafts were proposed by the European Commission in November 2020 (see LNB News 13/11/2020 11 and LNB News 13/11/2020 10).
See: LNB News 15/01/2021 108.
EDPB publishes new guidelines regarding data breach notification
The EDPB has adopted and published draft Guidelines 01/2021 on examples regarding data breach notification under the EU’s General Data Protection Regulation, Regulation (EU) 2016/679 (EU GDPR) for public consultation. Comments on the new Guidelines 01/2021 should be sent by 2 March 2021 using the form provided on the EDPB website.
See: LNB News 18/01/2021 93.
EU to start UK data adequacy decision-making process in ‘weeks’, top official says
The European Commission is set to finalise its assessment of the UK’s data-protection framework and will trigger the data-adequacy process ‘in the coming weeks’, a senior EU official said on 14 January 2021. The decision comes amid speculation about a possible legal challenge against any final decision as lawmakers and privacy activists are concerned about the UK’s future regulatory divergence, onward transfers to the US, and surveillance laws.
See News Analysis: EU to start UK data adequacy decision-making process in ‘weeks’, top official says.
Brexit Bulletin—EU Sub-Committee seeks evidence on the impact of TCA provisions on the UK service sector
The EU Services Sub-Committee has launched an inquiry into the future of UK-EU relations on trade in services. In particular, it will examine the impact of provisions in the UK-EU Trade and Cooperation Agreement (TCA) on the service sector in the UK. The deadline for submitting evidence is 5 February 2021.
See: LNB News 15/01/2021 35.
HSE confirms spot checks will continue to ensure compliance amid coronavirus (COVID-19)
The Health and Safety Executive (HSE) has confirmed that it will continue to carry out spot checks and inspections for compliance with the coronavirus restrictions and measures during the current lockdown. Calls and visits will also increase during this period. If a business is found not to be compliant, the HSE can take immediate action, including enforcement notices and stopping certain practices until they are made safe.
See: LNB News 15/01/2021 23.
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