HMT has updated its general guidance document, the monetary penalty and enforcement guidance, and the Russia guidance document.

HMT has added this material to its series of UK financial sanctions guidance.

FCA has published out key findings from an assessment of sanctions systems and controls in financial services firms which includes examples of good practice and areas for improvement.

Text of this speech of 6 September 2023 follows in which Sarah Pritchard discusses aspects of the regulator’s work on financial crime, including the sanctions update and the PEPs review.

FCA is undertaking a review of how regulated firms are complying with their legal and regulatory obligations regarding the risk management and treatment of PEPs, as well as their relatives and known close associates, and their application of FG17/6.  The regulator has published the text of a letter to MPs, peers and other interested parties which requests certain information about their experiences of the regime.  FCA intends to publish the ToR for the review in September 2023 and to complete it by the end of June 2024.

HMT’s consultation on reform of the AML/CTF supervisory regime sets out four potential models: (i) enhanced powers for OBPAS (“OBPAS+”); (ii) two or six professional body supervisors retaining responsibility for AML/CTF supervision; (iii) a single body that would supervise all legal and accountancy sector firms for AML/CTF and which may also supervise some or all of the wider sectors currently supervised by HMRC, and (iv) a single public body to undertake AML/CTF supervision in the UK – the major difference between this and previous options is that the FCA and the Gambling Commission would also stop  supervising firms for AML/CTF compliance.  There is also a chapter on sanctions.  Responses are required by 30 September 2023.

Text of Elizabeth McCaul’s speech of 29 June 2023 follows in which she discusses the EC’s AML package; sanctions; the use of AI for AML/CFT.

Following a request from the EU, EBA has updated templates to be used for the second annual reporting of information on deposits subject to the Russia and the Belarus Economic Sanctions Regulations.

Text of this speech of 16 May 2023 follows.  Topics include: financial promotions; AML controls; sanctions.

HMT/OFSI have amended this guidance with regard to trust services sanctions.