Anti-money laundering bulletin - Spring 2017

Regulatory Update


DLA Piper’s Financial Services Regulatory team welcomes you to the Spring 2017 edition of our Anti-Money Laundering (AML) Bulletin. In this issue, we provide updates on AML developments and enforcement actions in the UK and internationally, including:

UK News and enforcement action

  • HM Treasury updates advisory notice on money laundering and terrorist financing controls in overseas jurisdictions
  • Department for Business, Energy & Industrial Strategy publishes discussion paper on the beneficial ownership provisions of MLD4
  • FCA speech by Robert Gruppetta on FCA’s financial crime priorities
  • Home Secretary gives speech on legislative developments and government commitment to anti-money laundering
  • Deutsche Bank fined by FCA for AML control failings
  • Cutting red tape review of the UK’s anti-money laundering and counter-terrorist financing regime
  • HM Treasury’s second consultation on Money Laundering Regulations 2017
  • HM Government to create office for professional body for anti-money laundering supervision
  • FCA issues guidance consultation on treatment of politically exposed persons under draft Money Laundering Regulations 2017

International news

  • FATF guidance on criminalising terrorist finance
  • European Commission’s roadmap on proposal for Directive on Criminalisation of Money Laundering
  • Joint Committee of ESAs publishes final guidelines on risk-based supervision under MLD4
  • Basel Committee on banking supervision issues consultation document on revisions to correspondent banking guidance
  • ECB publishes opinion on proposed directive amending MLD4
  • Developments on Fifth Money Laundering Directive
  • Proposal for a Countering Money Laundering Directive issued by the European Commission
  • Delay of MLD4 RTS confirmed by the European Supervisory Authorities
  • Transparency international publishes report on public disclosure of AML statistics
  • Joint Committee of ESAs publishes opinion on money laundering and terrorist financing risks
  • Extension of sanctions over actions against Ukraine’s territorial integrity