Financial

An adviser struck of the register over allegations of fraud has had their complaint against the Financial Conduct Authority upheld.

The UK’s Joint Money Laundering Steering Group (JMLSG) has published proposed new guidance on money laundering regulations for cryptoasset exchange providers and custodian wallet providers in the wake of new legislation.

https://www.pinsentmasons.com/out-law/news/money-laundering-cryptoasset-guidance

Regulators are passing stricter policies, as well as cracking down on anti-money laundering (AML), Know Your Customer (KYC) and sanctions noncompliance. Fines related to noncompliance increased 160 percent between September 2018 and December 2019, in fact. This year also kicked off the implementation of the Fifth Anti-Money Laundering Directive (5AMLD), which included among its provisions requirements that cryptocurrency companies be more vigilant in preventing financial crimes from being committed over their platforms. Companies are already anticipating the sixth edition of that regulation, which will go into effect in 2021 when it is expected to increase the severity of money laundering penalties as well as better ensure that individual perpetrators do not evade personal responsibility for their crimes.

https://www.pymnts.com/aml/2020/payment-processing-fighting-global-fraud/

BONN/FRANKFURT (Reuters) - Two British bankers were handed suspended jail terms on Wednesday and one a 14 million euro (12.8 million pounds) penalty in Germany’s biggest post-war fraud trial of a scam involving multi-billion-euro trades to get bogus tax reclaims.

https://uk.reuters.com/article/uk-germany-trade-fraud/british-banker-hit-with-14-million-euro-penalty-in-german-fraud-trial-idUKKBN2153I8

The banking and finance industry stopped over £1.8bn of fraud in 2019, which is up 9% on the previous year according to UK Finance.

https://www.mortgageintroducer.com/uk-finance-over-1bn-of-fraud-stopped-in-2019

Banks, insurers and investment firms should seek clarification from the UK's Prudential Regulation Authority (PRA) over their obligations around data when engaging outsourcing providers.

https://www.pinsentmasons.com/out-law/analysis/pra-rules-outsourcing-data

Financial institutions should keep their plans for transitioning away from LIBOR up-to-date so they can act on announcements made by the Financial Conduct Authority (FCA) that will alter existing contracts, an expert has said.

https://www.pinsentmasons.com/out-law/news/firms-update-libor-transition-planning

In the budget, the chancellor announced the AML levy to be paid by firms subject to the Money Laundering Regulations to help fund new government action to tackle money laundering, and ensure delivery of the reforms committed to in the Economic Crime Plan.

https://www.foxwilliams.com/news/1617/

On 12 March 2020, the Gambling Commission (the “Commission”) agreed a record £11.6m regulatory settlement with Betway Limited (“Betway”) in relation to its failure to implement adequate social responsibility and anti-money laundering measures.

https://www.cms-lawnow.com/ealerts/2020/03/gambling-commission-agrees-record-11dot6m-settlement-with-betway?cc_lang=en#tw#tw

More than £2 million of fraud has been prevented by West Mercia Police thanks to calls from banking staff.

https://www.expressandstar.com/news/crime/2020/03/17/2-million-fraud-prevented-across-west-mercia-due-to-banking-partnership/