Last week, the threshold for reporting a Defence Against Money Laundering (DAML SAR) changed from £250 to £1,000 in the UK, relevant to banks, deposit
The Financial Conduct Authority (FCA) has fined Guaranty Trust Bank (UK) Limited (GT Bank) £7,671,800 for serious weaknesses in its anti-money laundering (AML) systems and
The FCA held discussions with regulated firms across different industries since they published the final Consumer Duty rules in July 2022. The watchdog identified a
The FCA updated their Consumer Duty page to include additional content on some of the key topics they have been receiving queries on. These include
The number of fines issued by the Financial Conduct Authority more than doubled last year, with 26 fines issued in 2022 compared with just 10
On the 22nd November 2022, the European Banking Authority (EBA) published its final guidelines on the use of remote customer onboarding solutions. These Guidelines set
The FCA intervened to amend or withdraw 4,151 financial promotions between July and September, the highest since it started publishing the data. According to the
Neopay has supported another e-money client to achieve authorisation from the FCA. Although the process is taking longer, particularly for e-money and payments firms, authorisations
Consumer Duty – latest upates On 16 November 2022, Nikhil Rathi, the FCA’s Chief Executive, gave a speech at the UK Finance Annual Dinner on
On 14 November 2022 HM Treasury published a revised list of high-risk third countries. Under the Money Laundering, Terrorist Financing and Transfer of Funds (Information