The following are the areas firms should focus on when assessing their MLRO Lack of independent assessment conducted annually Training not specific and effectiveness not tested Staff encouraged to discuss concerns with line-manager or MLRO/DMLRO Inadequate processes and procedures Lack of understanding between MLRO and MLCO responsibilities Unclear decision-making process regarding SARs Sourced from

The Commission is undertaking a short consultation on changes proposed to rules and guidance in the Handbook on Countering Financial Crime and Terrorist Financing (version issued on 1 March 2019). The Commission is inviting comments on Sections 2.8.1., 2.8.2., 4.8.3. and 7.12.2. of the Handbook, which should be submitted to amlcft@gfsc.gg, by no later than […]

The FCA has published its July newsletter and the contents include: Financial Crime Conference P2 New report: our ‘concern’ about P2 money laundering and terrorist financing risks in trade finance Blowing the whistle P2 EFG Private Bank fined £4.2m P2 Financial crime and the FCA: P3 your questions answered International update: P3 Financial Action Task […]