Saturday 23rd September 2023
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Comsure operates in:the UK, Jersey, Guernsey

ISSA financial crime compliance principles for securities custody and settlement

On 4 September 2015, the International Securities Services Association (ISSA) published a document containing financial crime compliance principles for securities custody and settlement (dated 27 August 2015).

The principles aim to provide practical guidance to global custodians, sub-custodians, fund distributors, trustees/depositary banks, brokers, prime brokers and central securities depositories (CSDs) that intermediate cross-border securities on how to most effectively counter the risks of money laundering, terrorist financing, market abuse, corruption, fraud and the evasion of sanctions. The principles consider how firms should manage the risks that arise from the layers of intermediation between securities issuers and the ultimate beneficial owners.

In a newsletter on the principles, [ ] ISSA states that the principles are intended to act as a framework to guide custodians and fund distributors in the application of the principles on client identification and beneficial ownership for the securities industry published by the International Organization of Securities Commissions (IOSCO) in May 2004

In the newsletter, ISSA also states that it expects industry participants to commence implementation planning from October 2015, with a projected “cross-market adoption” of the principles by the end of 2018.

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