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Financial crime prevention
UK data adequacy decisions due to receive EDPB opinion in mid-April
The European Data Protection Board (EDPB) plans to present its opinion on
proposed data adequacy decisions for the UK in mid-April 2021.
Analysis: UK data adequacy decisions
due to receive EDPB opinion in mid-April.
ICO calls on business to prepare for Children’s Code
Commissioner’s Office (ICO) has called on businesses to
act now to ensure they are ready when the Children’s Code comes into force in
six months. The Code comprises 15 standards to be met when it comes to
protecting children’s data online. The ICO has
undertaken industry research to gauge the extent to which businesses and
services understand the Code, the results of which will be published in May
2021, and preliminary analysis suggests many businesses have not progressed
past the preparation stages yet.
See: LNB News 02/03/2021 103.
The ICO’s Children’s Code team has launched a
call for ideas and examples of privacy information designs which cover some or
all of the good practice outlined in the Children’s Code transparency
standard. The ICO is keen to hear from stakeholders including online services,
children’s rights advocates, designers and academics
by 11 pm 30 April 2021. Submissions can cover any relevant sector and be
speculative designs, early-stage prototypes or projects already in use.
See: LNB News 02/03/2021 20.
UK seeks new Information Commissioner with focus on post-Brexit overhaul of data protection rules
The UK is on the hunt for a new Information Commissioner who is up to the task
of rewriting the country’s data protection laws to
be more flexible and business-friendly after Brexit.
Analysis: UK seeks new Information
Commissioner with focus on post-Brexit overhaul of data protection rules.
ICO publishes Valca Vehicle and Life Cover Agency Ltd notices
has published an enforcement notice and a monetary penalty notice to Valca
Vehicle and Life Cover Agency Ltd. The £80,000 fine comes after a total of
95,004 unsolicited direct marketing messages were received by subscribers
between 15 June 2020 and 20 July 2020, resulting in 114 complaints.
See: LNB News 25/02/2021 77.
EBA publishes final revised guidelines on money laundering and terrorist financing risk factors
European Banking Authority (EBA) has published final revised guidelines on
money laundering and terrorist financing risk factors. The revisions take into
account changes to the EU anti-money laundering and counter-terrorism financing
legal framework and address new risks, including those identified by the EBA’s implementation reviews.
In addition to strengthening financial institutions’ risk-based approaches to
AML/CTF, the revisions support the development of more effective and consistent
supervisory approaches where evidence suggested that divergent approaches
continue to exist.
See: LNB News 01/03/2021 84.
FATF seeks views on proliferation financing risk assessment and mitigation guidance
Financial Action Task Force (FATF) has opened a consultation on its proposed
guidance on proliferation financing risk assessment and mitigation. The
guidance is being developed to help both the public and private sectors
implement new requirements ‘to identify, assess,
understand and mitigate proliferation financing risk as defined in
Recommendation 1 and its Interpretive Note. The guidance seeks to assist both
sectors in conducting a risk assessment in the context of proliferation
financing, and applying corresponding risk mitigation measures’. The FATF welcomes views
on the content of the guidance, especially on the areas of focus it outlines.
FATF is particularly interested in responses from financial institutions and
designated non-financial businesses and professions (DNFBPs). The deadline for
responding is 9 April 2021.
See: LNB News 02/03/2021 85.
FATF publishes comments from G20 Finance Ministers Meeting
has published comments from the G20 Finance Ministers and Central Bank
Governors Meeting on 26 February 2021. FATF President, Dr Marcus Pleyer
commended the Italian Presidency’s focus on digitalisation
in financial services and said the FATF will ‘contribute to the Italian
Presidency’s priority on financial inclusion’. The FATF will also
continue working on its guidance on digital ID, will launch a review of the
global implementation of standards on virtual assets and stablecoins, and will
analyse the opportunities and challenges of digital transformation for
anti-money laundering. Dr Pleyer added that ‘The FATF stands ready to
support the G20 through work on environmental and climate crime, such as
illegal deforestation and illegal wildlife trade’.
See: LNB News 01/03/2021 83.
Mitigate key US FCPA risks with tailor-made compliance
companies should take a pragmatic approach to US Foreign Corrupt Practices Act
(FCPA) compliance by being aware of key risk areas (such as inappropriate
gift-giving, liability for third-party actions, and countries with recurring
corruption issues) and implementing custom-designed procedures that evolve with
their operations, says Howard Weissman at Miller Canfield.
Analysis: Mitigate key US FCPA risks
with tailor-made compliance.
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