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

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Insurance Distribution Directive (IDD)—organisational and conduct of business requirements

BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has

General principles of insurance contract law

What is insurance law?Insurance law can be split into three parts:•insurance contract law which governs the contractual relationship between insureds

Brexit legislation tracker

This Practice Note tracks the progress of UK legislation introduced as part of the legislative project associated with the UK’s withdrawal from the

Disclosure requirements for occupational and personal pension schemes—the 2013 disclosure regulations

CORONAVIRUS (COVID-19) UPDATE: In light of the coronavirus pandemic, the Pensions Regulator (TPR) issued guidance setting out reporting easements

Practice notes

AIFMD—essentials

BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...

26th Oct

Practice notes

The Money Laundering Reporting Officer (MLRO)—duties

The roles of nominated officer and money laundering reporting officerA nominated officer is an individual who is nominated by a firm to receive...

21st Oct

In-house

Practice notes

Financial services outsourcing—post MiFID II implementation

BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...

19th Oct

Practice notes

AIFMD—the marketing of AIFs, passporting and third country provisions

BREXIT: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...

5th Oct

Practice notes

Regulated activities relating to consumer credit

This Practice Note sets out and examines the consumer credit regulated activities in the Financial Services and Markets 2000 (Regulated Activities)...

5th Oct

In-house

Practice notes

The regulation of crowdfunding platforms

This Practice Note discusses the regulatory issues faced by crowdfunding platforms from a financial services perspective. It should be read in...

5th Oct

Practice notes

Market Abuse Regulation (MAR)—essentials

BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...

1st Oct

Practice notes

MLD4 and 2017 MLRs—customer due diligence checklist for financial services firms

Brexit: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...

26th Sep

In-house

Practice notes

Payment Services Regulations 2017—scope

BREXIT: The UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For...

26th Sep

Practice notes

Regulated mortgage contracts and home finance transactions defined

Background to the regulation of home finance transactionsThe regulation of home finance transactions came about at different points in time. HM...

25th Sep

Practice notes

Consumer credit: rules relating to arrears, default and recovery

Goode consumer credit materials—default and enforcementFor further discussion on the topics raised in this Practice Note, a statement of the...

25th Sep

Practice notes

MiFID II conduct of business and investor protection requirements

BREXIT: The UK is leaving the EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For...

25th Sep

Practice notes

Regulated activities—exempt persons

In this Practice Note, references to exemptions relate to persons who are exempt from the need to apply for authorisation from the Prudential...

25th Sep

Practice notes

Goode on Consumer Credit—materials

Goode: Consumer Credit Law and Practice This volume contains thirteen divisions and states the current law with commentary on consumer credit in the...

25th Sep

Practice notes

Exclusions applying to several specified kinds of activity

BREXIT: The UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. To ensure...

25th Sep

Practice notes

Appointed representatives

This Practice Note discusses the main Financial Conduct Authority (FCA) provisions applying to appointed representatives (ARs) that carry out...

25th Sep

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

Practice notes

Proceeds of Crime Act 2002—information sharing in the regulated sector—superSARs

This Practice Note deals with the amendments to the Proceeds of Crime Act 2002 (POCA 2002) by the Criminal Finances Act 2017 (CFA 2017). Specifically,...

25th Sep

Practice notes

Financial Action Task Force (FATF)

This Practice Note introduces the Financial Action Task Force (FATF) and its work in relation to setting standards and promoting adoption and use of...

25th Sep

Practice notes

The anti-money laundering regime

Brexit: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...

25th Sep

Practice notes

Second Wire Transfer Regulation (WTR2)—essentials

Brexit: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...

26th Sep

Practice notes

Investigative powers under the Money Laundering Regulations 2007 [Archived]

ARCHIVED: This archived Practice Note is being retained to assist those advising on investigations and prosecutions for offences under MLR 2007, SI...

26th Sep

Practice notes

Criminal offences under the Money Laundering Regulations 2007 [Archived]

ARCHIVED: This archived Practice Note is not being maintained. The Money Laundering Regulations 2007, SI 2007/2157, (MLR 2007, SI 2007/2157) were...

26th Sep

Practice notes

Criminal Finances Act 2017—progress through Parliament [Archived]

ARCHIVED: This archived Practice Note is not being maintained. It tracked the passage of the Bill through Parliament to its publication as an Act, and...

26th Sep

Practice notes

Systems and controls to prevent money laundering and counter terrorist financing

The requirements to have robust systems and controls in a regulated firm to prevent money laundering originate from:•the Money Laundering, Terrorist...

26th Sep

Practice notes

Money Laundering Directive 4 (MLD4)—essentials

Brexit: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...

26th Sep

Practice notes

MLD4—key provisions for financial services firms—one minute guide

Brexit: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...

26th Sep

Practice notes

MLD4 and 2017 MLRs—customer due diligence checklist for financial services firms

Brexit: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...

26th Sep

In-house

Practice notes

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

Brexit: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...

26th Sep

Practice notes

The risks of cryptoassets from a financial crime, money laundering and terrorist financing perspective

What are cryptoassets?One of the hurdles in relation to understanding non-traditional currencies and assets lies in the inconsistent use of language....

27th Sep

Practice notes

Getting the Deal Through: Anti-Money Laundering 2020

Jurisdictions coveredThe following jurisdictions are covered in this report:Australia; Denmark; France; Germany; Greece; Hong Kong; India; Italy;...

27th Sep

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?

‘Relevant persons’ for the purpose of the Money Laundering Regulations 2007 (MLRs)The Money Laundering Regulations 2007, SI 2007/2157 (MLRs 2007)...

28th Sep

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)?

See: section 22 in Part II of the Joint Money Laundering Steering Group's (JMLSG) guidance. In particular, paragraphs 1.11 to 1.13 state:‘1.11. The...

28th Sep

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?

The principal UK requirements on anti-money laundering and know your customer checks—usually referred to as customer due diligence or CDD—at present...

28th Sep

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?

What is CDD?Customer due diligence (CDD) is a package of measures which credit institutions (such as banks) and other financial institutions are...

28th Sep

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)?

The client due diligence (CDD) provisions of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations...

28th Sep

Q&As