David Meynell

🏦 The Wolfsberg Group, an association of twelve global banks that develops frameworks and guidance for managing financial crime risks, has had a busy couple of weeks. ⚖️ Last week, it announced its response to the UK’s HM Treasury consultation on improving the effectiveness of the Money Laundering Regulations 2017 (MLRs). 🔍 In its response, it called for making customer due diligence more proportionate and effective, and also for strengthening system coordination. 🚩 And today, the Wolfsberg Group also published a Statement on Monitoring for Suspicious Activity. The Group asserts that it does not believe the increasing volume of SARs/STRs is proportionately contributing to effective outcomes in the fight against financial crime. 🌐 As many of you know, the Basel-based association has a profound influence on the development of AML practices worldwide. For a deeper understanding of its role and impact, check out this article on our blog: 📗 Understanding the Wolfsberg Group's AML Principles: An Overview and Impact on Global Financial Compliance > https://lnkd.in/dffXfcnt #AML #FinancialCrime #AMLScreening #WolfsbergGroup

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HM Treasury has announced its intentions to offer proportionality and further clarity in plans to update the technical elements of the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (MLRs). The plans are designed to give businesses further guidance with the Treasury planning further changes to the AML supervisory regime currently in place. The further clarity from the Treasury has been emphasised on several important legal practices including digital identification and enhanced due diligence. Read more ⬇️ https://lnkd.in/e-EjGABG #hmtreasury #moneylaundering #aml #law #financialcrime

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The UK government plans to launch the Office of Trade Sanctions Implementation (OTSI) in October to enforce compliance with trade sanctions. OTSI will oversee the implementation of sanctions policies, particularly those related to the Russian invasion of Ukraine, and ensure businesses adhere to reporting and enforcement requirements. The new unit aims to strengthen the UK’s response to global trade violations and to safeguard the integrity of its economic sanctions framework. OTSI will be responsible for the civil enforcement of certain trade sanctions as they relate to UK services and overseas trade with a UK nexus. The office will be able to impose monetary penalties, and where a civil monetary penalty can be imposed for a breach, breaches may be determined on a ‘strict liability’ basis. Penalties can be imposed on the basis of the civil standard of proof – the balance of probabilities. The maximum monetary penalty for breaching sanctions regulations is either £1 million or 50% of the estimated value of the breach – whichever is higher. The regulations also provide OTSI with additional enforcement tools, such as making public disclosure of breaches. Office of Trade Sanctions Implementation - GOV.UK (www.gov.uk)

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Financial Conduct Authority Confirms Anti-Greenwashing Guidance and Proposes Extending Sustainability Framework Sacha Sadan, Director of Environmental, Social and Governance, FCA, said: “Confirming the new anti-greenwashing guidance and our proposals to extend the Sustainability Disclosure Requirements and investment labels regime are important milestones that maintain the UK’s place at the forefront of sustainable investment. Our good and poor practice anti-greenwashing examples will help firms market their products in the right way. We continue to work closely with the ASA and CMA to address greenwashing. “Consumers care about investing in products that have a positive impact on the planet and people. That’s why we want to boost the integrity of the market and ensure people can make informed decisions about how to invest their money.” https://lnkd.in/efFqsgrR #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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MONEYVAL's recent assessment of Guernsey's international AML/CFT/CPS standards underscores the continued focus on financial crime in the region. While results are pending, Joe French and Barney Lewis explain how firms can ensure their strategies remain effective against evolving risks: https://lnkd.in/exKdKCw7 #AML #FinancialCrime #FinancialRegulation

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Join your peers and take part in the Monetary Policy Benchmarking survey. Submit your details and we'll be in touch with further information: https://hubs.li/Q02wF98w0 We have already received responses from over 40 central banks. Take part and compare your bank's monetary policy strategy against other institutions globally. All survey respondents receive a complimentary executive summary once published, which enables you to analyse the key figures. #monetarypolicy #benchmarking #centralbanking

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Last week, the Government shared a series of updates related to Consumer Data Right’s (CDR) expansion to the non-bank sector, including a new target date for implementation. We have been monitoring this closely and with yesterday’s announcement that the CDR Action Initiation Bill (https://loom.ly/KvmkdUg) has been passed, we thought to share the key highlights. Assistant Treasurer Minister Stephen Jones, highlighted the Government’s commitment to making #ConsumerDataRight (CDR) work. Here’s what you need to know: - Timing: Rules and timing for non-bank lenders to become data holders are expected in early 2025 with an expectation that non-bank lenders will be live on the CDR by mid-2026. - Cost-reduction: Regular developments and enhancements to the CDR are to be streamlined into fewer releases, compared to approximately 5 per annum currently, to reduce costs for data holders.   - Use Cases: More focus on enabling use cases like loan origination, business accounting and energy switching.  - Regulation: A ban on screen scraping is a priority. - Empowering Consumers: Action initiation will be enabled at the right time, empowering consumers to change providers with less friction.  - Improved Conversion: A significant reduction in Consent UX standards is indicated, allowing consumers and businesses to share their data more easily to improve conversion.   To discuss the implications and how Cuscal can help, please reach out to Stefan Ellis [email protected] #FinTech #OpenFinance #DataSecurity #OpenData #CDRfornonbanklenders #CDR #Cuscal

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