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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-07-18T20:39:00
The U.K.’s Financial Conduct Authority (FCA) asked banks and financial institutions “to do more” to ensure that U.K lawmakers and their families are not treated unfairly.
On Thursday, the FCA released a review of findings on how effectively firms are following its guidance on the treatment of politically exposed persons (PEPs) for anti-money laundering (AML) purposes. The FCA’s definition of PEPs are lawmakers, close family members, and close associates whose position puts them at higher risk of using financial tools to facilitate money laundering.
The FCA first announced that it would review financial institutions’ treatment of PEPs in September in response to the Nigel Farage “debanking” scandal, in which NatWest subsidiary Coutts closed the U.K. politician’s investment accounts potentially over his right-wing political views.
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News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
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Our lowest price ($1 per day) for one year.
2024-04-24T15:05:00Z By Kyle Brasseur
The U.K. Financial Conduct Authority reemphasized its desire to work with Big Tech firms to examine how their data might be useful to the financial industry.
2024-04-23T19:29:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued new guidance on how to comply with its upcoming anti-greenwashing rule, which is set to take effect May 31.
2024-03-05T20:55:00Z By Kyle Brasseur
The U.K. Financial Conduct Authority warned the chief executive officers of approximately 1,000 financial institutions it supervises regarding common failures in anti-money laundering procedures it observed during recent assessments.
2024-07-10T17:25:00Z By Aaron Nicodemus
As the United States and other Western countries turn the screws on criminals, hackers, terrorist organizations, and sanctions evaders attempting to access global financial markets, financial institutions could respond by reducing their connections to risky sectors, according to Treasury Under Secretary Brian Nelson.
2024-07-01T15:58:00Z By Aaron Nicodemus
Jamaica and Türkiye made “significant progress” addressing deficiencies in their anti-money laundering/countering the financing of terrorism (AML/CFT) programs, warranting their removal from the Financial Action Task Force’s grey list.
2024-06-10T09:43:00Z By Kyle Brasseur
The Financial Crimes Enforcement Network published its latest collection of Bank Secrecy Act data, including number and type of suspicious activity reports.
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