Related insights: Financial Crime Prevention

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2020: the year of COVID and Brexit - what has it meant for financial crime prevention?

22 Dec 2020
The end of 2020 is finally within sight, and what a strange year it has been. In terms of financial crime prevention, 2020 has been a mixture of continuing to deal with known issues and progressing improvements, but against the backdrop of Brexit and a pandemic. In this year's review for Financial Regulation International, Emma Radmore of Womble Bond Dickinson looks back on the key legal and regulatory priorities for the UK authorities and the year's relevant enforcement actions. As usual, we then look at initiatives that will be progressing over 2021.
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Opportunistic insider trading related to a personal data breach

21 Aug 2019
The recent conviction of a second Equifax executive (Jun Ying) for insider trading after the Equifax data breach in 2017, highlights concerns about the possible interplay between data breach and insider trading. In the period from detection of a data breach to its public disclosure, insiders might try to use non-public information in securities trading, cashing in on the prediction that the disclosure of a data breach will cause stock price to fall.
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SFO corporate co-operation guidance

14 Aug 2019
The Serious Fraud Office (SFO) published its much awaited corporate co-operation guidance on 6 August. Whilst the guidance delivers some much sought after clarity and should assist with accelerating investigations, there are some question marks over whether it sets the co-operation bar too high.
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Making SARs better: Law Commission publishes recommendations

19 Jun 2019
Following the Law Commission's appointment in 2017 to review specific aspects of the UK's AML regime, specifically the relevant provisions in POCA and the Terrorism Act, and its detailed Consultation Paper of 2018, the Commission has now published its recommendations. Emma Radmore looks at what it is suggesting.
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Know your overseas offices: lessons in AML

31 May 2019
FCA's recent fine on Standard Chartered Bank (the Bank) illustrates the importance not only of having appropriate and strong AML policies and procedures for high risk areas of business, but also (mainly in fact) of adhering to them.
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5MLD is coming...

31 May 2019
The UK government is consulting on expanding the requirements for trusts to be registered with HMRC, as part of a raft of measures to implement the latest EU Anti-Money Laundering law (known as 5MLD). The changes are likely to: a) significantly increase the number of trusts that need to be registered with HMRC; and b) widen the circumstances in which trust information can be accessed.
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Treasury presses on with MLD5 implementation

23 May 2019
The spring has brought a rush of government initiatives aimed at further improving the financial crime prevention regime in the UK. Who knows what the relationship between the UK and the EU will be come 10 January 2020 when MLD5 falls to be implemented? Regardless, Treasury is pressing on with its plans to implement it, not least as it was one of the prime movers behind it and supports the initiatives taken in it. The consultation will help Treasury decide how to balance a proportionate approach to implementation that manages the burden on business while actively discouraging ML/TF activity.