November Monthly Regulation Update

By Kyte Ekstrom | AML, Consumer Credit, Credit Lenders, Crypto-Assests, E Money, FCA Regulation, FinTech, Insurance Broker, Investment Advisor, Uncategorized | 0 Comments

HM Treasury Publishes Consultation Paper – Future Regulatory Framework Review

The consultation paper proposes changes to the UK’s financial services regulatory framework under the Financial Services and Markets Act 2000 (FSMA). The Future Regulatory Framework (FRF) Review was first announced in his June 2019 by the then chancellor in his Mansion House speech. The chancellor set out the government’s vision for an open, green and technologically advanced financial services sector and established to determine both how the financial services regulatory framework should adapt to the UK’s new position outside of the EU and how to ensure the framework is fit for the future.

The consultation both provides feedback and builds on HM Treasury’s Phase II consultation on the FRF, published in October 2020. The consultation centres around three themes: regulatory responsibility for rule-making, regulatory accountability, and an update to the regulators objectives and principles.

The consultation closes on 9 February 2022.

Consultation: Financial Services Future Regulatory Framework Review: Proposals for Reform

Webpage

The Money Laundering and Terrorist Financing (Amendment) (No. 3) (High-Risk Countries) Regulations 2021

Along with the Money Laundering and Terrorist Financing (Amendment) (No. 3) (High-Risk Countries) Regulations 2021 (SI 2021/1218), an explanatory memorandum has also been published.

The Regulations amend the Money Laundering Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (SI 2017/692) (MLRs) by substituting the list of high-risk third countries in Schedule 3ZA for a new list. The new list classifies Jordan, Mali and Turkey as high-risk countries for the purposes of enhanced customer due diligence requirements in regulation 33(3).

The Regulations came into force on 2 November 2021.

The Money Laundering and Terrorist Financing (Amendment) (No. 3) (High-Risk Countries) Regulations 2021

Explanatory memorandum

Stay Compliant with our Award Winning Services

We are the only compliance consultancy in the UK to specialise exclusively in fintech, meaning we understand your business and your needs. Our dynamic team all hold industry qualifications and are up to date with the latest compliance regulations regarding all spheres of technology based, and alternative finance companies.

Our Services include:

Comply-Audit

A deep dive look into your businesses activities and processes to determine the level of compliance required in order to fulfil regulatory requirements. Think of this service as a ‘health check’, which can range from checking on one element of your business or a full-firm-wide review.

Comply-Lite

Our cost-effective retainer service for firms with low compliance requirements.

Comply-Retainer

This popular service is the comprehensive way to ensure your firm remains compliant.  Providing you with periodic risk-based compliance reports focused on specific areas of the business, as well as any other ongoing advice or compliance assistance required.

Comply Ad hoc

Perfect for situations when you need assistance with one-off issues which require efficient and effective resolution. Comply – Ad hoc incorporates assistance with any regulatory/compliance issues including the following:

  • Variation of permission applications
  • Change in control applications
  • Review of policies and procedures for compliance with relevant regulations
  • Independent, external compliance audits
  • Compliance training
  • Compliance gap analysis
  • Adding or removing Approved Persons from the FCA register
  • Assistance with GABRIEL reporting
  • AML/KYC issues
  • Ongoing capital calculations
  • “Passporting” applications

Bespoke Training

Providing you with training services specific to your business and activities. With financial regulation constantly evolving, it is imperative that your firm keeps up-to-date with its requirements, including maintaining the competency of staff. Some of the training services we currently provide to businesses include:

  • Introduction to compliance
  • AML
  • Market Abuse
  • Data Protection
  • Anti bribery and corruption
  • Financial promotions

Keep your finger on the ‘regulation’ pulse – connect with us on social media.