menu-search
LEXISNEXIS_ICON4_SIGNINSign-in LEXISNEXIS_ICONS_SUPPORTHelp

Anti-money laundering and counter-terrorist financing—issues for financial services firms

View Financial Services by content type:

News
Practice notes
Precedents
Q&As

Latest Financial Services News

UK government explores AML reform for Open Banking payment service providers

UK government explores AML reform for Open Banking payment service providers

The following Corporate Crime news provides comprehensive and up to date legal information on UK government explores AML reform for Open Banking payment service providers

The ups and downs of the FCA’s streamlining plan

The ups and downs of the FCA’s streamlining plan

The following Financial Services news provides comprehensive and up to date legal information on The ups and downs of the FCA’s streamlining plan

Hiscox introduces pandemic exclusions to business interruption policies

Hiscox introduces pandemic exclusions to business interruption policies

The following Commercial news provides comprehensive and up to date legal information on Hiscox introduces pandemic exclusions to business interruption policies

The Wholesale Markets Review—fine-tuning the MiFID II regime?

The Wholesale Markets Review—fine-tuning the MiFID II regime?

The following Financial Services news provides comprehensive and up to date legal information on The Wholesale Markets Review—fine-tuning the MiFID II regime?

Featured Financial Services content

What is electronic money?

What is electronic money?

What is electronic money?BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period...

European Insurance and Occupational Pensions Authority (EIOPA)

European Insurance and Occupational Pensions Authority (EIOPA)

European Insurance and Occupational Pensions Authority (EIOPA)BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the...

Does section 75 of the Consumer Credit Act 1974 give full protection to a cardholder for breach of contract when booking services used by the cardholder and others?

Does section 75 of the Consumer Credit Act 1974 give full protection to a cardholder for breach of contract when booking services used by the cardholder and others?

Does section 75 of the Consumer Credit Act 1974 give full protection to a cardholder for breach of contract when booking services used by the...

Financial Ombudsman Service—time limits

Financial Ombudsman Service—time limits

Financial Ombudsman Service—time limitsBREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit...

Practice notes

FCA—APR controlled functions for benchmark administrators and appointed representatives

FCA—APR controlled functions for benchmark administrators and appointed representativesBREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’)...
Read More >
19th May
Practice notes

IFPRU Remuneration Code

IFPRU Remuneration CodeBREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period...
Read More >
19th May
Practice notes

OEIC and ICVC authorisation and winding-up

OEIC and ICVC authorisation and winding-upBREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit...
Read More >
Produced in partnership with Macfarlanes 19th May
Practice notes

FCA—training and competence

FCA—training and competenceBREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period...
Read More >
19th May
Practice notes

FCA regulation of claims management companies—essentials

FCA regulation of claims management companies—essentialsBREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit...
Read More >
Produced in partnership with Nicholas Thompsell of Fieldfisher 19th May
Practice notes

PRA-regulated activities and the scope of PRA regulation

PRA-regulated activities and the scope of PRA regulationAs a result of the 2008 banking crisis, the government made a number of changes to the UK...
Read More >
19th May
Practice notes

Second Wire Transfer Regulation (EU WTR2 and UK WTR2)—essentials

Second Wire Transfer Regulation (EU WTR2 and UK WTR2)—essentialsThe Second Wire Transfer Regulation (EU) 2015/847 (WTR2), also known as the Funds...
Read More >
19th May
Practice notes

Overview of UK implementation of the Consumer Credit Directive

Overview of UK implementation of the Consumer Credit DirectiveBREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the...
Read More >
Produced in partnership with Sam Millar of DLA Piper and Tony Katz of DLA Piper 19th May
Practice notes

What are regulated activities?

What are regulated activities?Under the general prohibition a person cannot carry out a regulated activity, or purport to carry out a regulated...
Read More >
19th May
Practice notes

The European Systemic Risk Board

The European Systemic Risk BoardBREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation...
Read More >
19th May
Practice notes

Responsible lending requirements—CONC 5

Responsible lending requirements—CONC 5BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit...
Read More >
Produced in partnership with Jacqui Hatfield of Orrick, Herrington & Sutcliffe 19th May
Practice notes

Recognised investment exchanges

Recognised investment exchangesBREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation...
Read More >
19th May
tag iconIn-house
Practice notes

Conduct Rules for SM&CR Firms

Conduct Rules for SM&CR FirmsBREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation...
Read More >
Produced in partnership with Mark Compton and Lauren Smith of Mayer Brown International LLP 19th May
Practice notes

Appointed representatives

Appointed representativesBREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period...
Read More >
19th May
Practice notes

FCA inducements rules

FCA inducements rulesBREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period...
Read More >
19th May
Practice notes

Brexit and financial services—the financial services contracts regime (FSCR)

Brexit and financial services—the financial services contracts regime (FSCR)This Practice Note considers the financial services contracts regime...
Read More >
19th May
tag iconBrexit

Most recent Anti-money laundering and counter-terrorist financing—issues for financial services firms content

Practice notes

Money Laundering Directive 4 (MLD4)—essentials

Money Laundering Directive 4 (MLD4)—essentials MLD4, MLD5 and related EU measuresThe Fourth Money Laundering Directive (EU) 2015/849 (MLD4) was...
Read More >
4th Aug
Practice notes

FCA financial crime guidance: FCG, FCTR and supporting materials

FCA financial crime guidance: FCG, FCTR and supporting materialsThis Practice Note explains the constituent parts of the Financial Conduct Authority...
Read More >
4th Aug
Q&As

Under what provisions and on what basis can the Financial Conduct Authority prosecute offences under the Fraud Act 2006?

Under what provisions and on what basis can the Financial Conduct Authority prosecute offences under the Fraud Act 2006?The Financial Conduct...
Read More >
Produced in partnership with Jamas Hodivala of Matrix Chambers 4th Aug
Practice notes

MLD5—key provisions for financial services firms—one minute guide

MLD5—key provisions for financial services firms—one minute guideAdoption of MLD5 and implementation in the UKThe Fifth Money Laundering Directive...
Read More >
4th Aug
Practice notes

Second Wire Transfer Regulation (EU WTR2 and UK WTR2)—essentials

Second Wire Transfer Regulation (EU WTR2 and UK WTR2)—essentialsThe Second Wire Transfer Regulation (EU) 2015/847 (WTR2), also known as the Funds...
Read More >
1st Aug
Practice notes

Counter-terrorist financing—key information for businesses

Counter-terrorist financing—key information for businessesThis Practice Note outlines counter-terrorist financing provisions (CTF), including the...
Read More >
1st Aug
Practice notes

Money Laundering Regulations 2017—group level policies, controls and procedures

Money Laundering Regulations 2017—group level policies, controls and proceduresThe Money Laundering, Terrorist Financing and Transfer of Funds...
Read More >
1st Aug
Q&As

Do type C trusts in the Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020, SI 2020/991, reg 45ZA(1)(c) only relate to interests in UK land acquired on or after 6 October 2020? Will a Jersey Property Unit Trust holding UK real estate but with no UK tax liability have to register only where the UK real estate was acquired from 6 October 2020 or will it have to comply with the registration provisions on a retrospective basis?

Do type C trusts in the Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020, SI 2020/991, reg 45ZA(1)(c) only relate to...
Read More >
1st Aug
Q&As

What is the EU Directive on criminalising money laundering?

What is the EU Directive on criminalising money laundering?Directive on criminalising money launderingOn 12 November 2018, the Directive (EU)...
Read More >
31st Jul
Q&As

What is the ‘risk-based approach’ in relation to anti-money laundering, and what does it mean to me?

What is the ‘risk-based approach’ in relation to anti-money laundering, and what does it mean to me?The risk-based approach (RBA) is a core concept of...
Read More >
31st Jul
Q&As

What steps should I take to establish the source of funds and/or wealth in relation to conducting client due diligence or ongoing monitoring when a transaction is funded by cryptocurrency which has been converted into British pounds?

What steps should I take to establish the source of funds and/or wealth in relation to conducting client due diligence or ongoing monitoring when a...
Read More >
31st Jul
Q&As

Should 'arranging or making arrangements with a view' under the definition of a 'cryptoexchange exchange provider' in the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692, reg 14 be interpreted in the same way as 'arranging or making arrangements with a view' under the Financial Services and Markets Act (Regulated Activities) Order 2001, SI 2001/544, reg 25(1) and (2)?

Should 'arranging or making arrangements with a view' under the definition of a 'cryptoexchange exchange provider' in the Money Laundering, Terrorist...
Read More >
31st Jul
Q&As

Based on Article 3(6)(a)(ii) of the Fourth Anti-Money Laundering Directive (EU) 2015/849 (MLD4) the definition of 'beneficial owner' is extended to 'the natural person(s) who holds the position of senior managing official(s)' in case all possible means have been exhausted to identify a person under point (i) of MLD4, Art 3(6)(a). Is there any guidance on the interpretation of this new extended definition?

Based on Article 3(6)(a)(ii) of the Fourth Anti-Money Laundering Directive (EU) 2015/849 (MLD4) the definition of 'beneficial owner' is extended to...
Read More >
31st Jul
Q&As

Company A and Company B are co-investors into ProjectCo. Is Company A required/entitled to carry out KYC checks on ProjectCo's directors nominated by Company B, and if so what information can Company A request?

Company A and Company B are co-investors into ProjectCo. Is Company A required/entitled to carry out KYC checks on ProjectCo's directors nominated by...
Read More >
31st Jul
Q&As

I am advising a bank which has a long-standing customer who is a senior serving officer in the British armed forces. What CDD checks should the bank apply to his customer, if any?

I am advising a bank which has a long-standing customer who is a senior serving officer in the British armed forces. What CDD checks should the bank...
Read More >
31st Jul
Q&As

What CDD checks should be applied to a pooled account?

What CDD checks should be applied to a pooled account?What is CDD?Customer due diligence (CDD) is a package of measures which credit institutions...
Read More >
31st Jul
Q&As

If a company is set up to buy and sell virtual currencies, what anti-money laundering checks and know your customer checks should it carry out on its customers?

If a company is set up to buy and sell virtual currencies, what anti-money laundering checks and know your customer checks should it carry out on its...
Read More >
31st Jul
Q&As

Which credit institutions and financial institutions are subject to the Fourth Money Laundering Directive (MLD4) as implemented in the UK by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 (MLRs 2017)?

Which credit institutions and financial institutions are subject to the Fourth Money Laundering Directive (MLD4) as implemented in the UK by the Money...
Read More >
31st Jul
Q&As

Do UK payment service providers need to comply with the information requirements laid down in Regulation (EU) 260/2012 (the SEPA Regulation), where applicable, in addition to the payment account number of both the payer and the payee or the unique transaction identifier pursuant to Article 5(1) of Regulation (EU) 2015/847, where all PSPs involved in the payment chain are established in the European Economic Area?

Do UK payment service providers need to comply with the information requirements laid down in Regulation (EU) 260/2012 (the SEPA Regulation), where...
Read More >
31st Jul
Q&As

I am advising a bank which is opening an account for an established UK financial leasing company which it hasn’t dealt with before. The new customer has refused to respond to standard CDD checks, saying it is subject to the UK anti-money laundering regime and CDD is not required. Is this correct?

I am advising a bank which is opening an account for an established UK financial leasing company which it hasn’t dealt with before. The new customer...
Read More >
31st Jul

Popular documents

Hearsay evidence in civil litigation

Hearsay evidence in civil litigation

Hearsay evidence in civil litigationThis Practice Note provides guidance on the interpretation and application of the relevant provisions of the CPR. Depending on the court in which your matter is proceeding, you may also need to be mindful of additional provisions—see further below.This Practice

Easements and perpetuities

Easements and perpetuities

Drafting—2009 ActThe Perpetuities and Accumulations Act 2009 effectively disapplies the rule against perpetuities from future easements granted on or after 6 April 2010, so a draftsman now need not be concerned to specify a perpetuity period. Any restrictions on the exercise of the easement

Mortgagees and tenants

Mortgagees and tenants

Mortgagee’s consent to grant of leaseIf a property is subject to a mortgage that prohibits leasing without the mortgagee’s consent, then written evidence of consent must be obtained prior to completion of the lease. On the grant of an underlease, mortgagee’s consent in respect of any mortgage over

Negligence—when is the duty of care breached?

Negligence—when is the duty of care breached?

Negligence—when is the duty of care breached?Having established that a duty of care exists (see Practice Note: Negligence—when does a duty of care arise?), it is then necessary to consider whether or not there has been a breach of that duty. This will depend on a number of factors outlined below and