Money laundering

Recent Articles

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    19/02/2024

    Financial Services Webinars On Demand

    Use the below link to view recordings of CMS financial services webinars available on demand. Webinars are a convenient way to stay informed and hear from our legal experts.   
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    22/01/2024

    EU Proposals for a Regulation and a Directive on Anti-Money Laundering on the path to final adoption

    On 18 January 2024, the Council of the European Union and the European Parliament reached a provisional agreement on a part of the new anti-money laundering and counter terrorism financing (“AML/CTF”) package, which includes four texts:Regulation 2023/1113 on information accompanying transfers of funds and certain crypto-assets;Proposal for a Regulation establishing the Authority for AML/CTF (AMLA), for which a provisional agreement between the Council of the European Union and the European Parliament was reached on 13 December 2023;Proposal for a Regulation on the prevention of the...
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  •  
    29/11/2023

    Financial Services Webinars On Demand

    Use the below link to view recordings of CMS financial services webinars available on demand. Webinars are a convenient way to stay informed and hear from our legal experts.     
    Read more
  •  
    15/09/2023

    FCA-authorised firms and The Economic Crime (Anti-Money Laundering) Levy – who needs to pay?

    If your firm is authorised by the Financial Conduct Authority (“FCA”) but is not within scope of the Money Laundering Regulations 2017, you may want to check your FCA fee statement. This is because your firm may have been charged the Economic Crime (Anti-Money Laundering) Levy (“ECL”) when it is not required to pay it. What is it?The ECL was introduced by the Autumn Budget in 2021 as part of a long-term initiative to tackle economic crime in the UK. It is envisaged that it will raise around £100 million per year from firms regulated by the MLRs to fund government...
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    27/06/2022

    Amendments to the UK MLRs – 14 key changes to know now

    1. The Travel Rule implementation for cryptoasset firms The so-called “Travel Rule” is set out in Recommendation 16 from the Financial Action Task Force (FATF). In summary, this rule requires that countries ensure that financial institutions send and record information on the originator and beneficiary of a wire transfer, and that this information remains with the transfer or related message throughout the payment chain. This information enables firms to detect potential money laundering (ML) and terrorist financing (TF) activity by ensuring that the identities of the parties to the...
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    22/03/2022

    Belgium: Registration requirements for virtual asset service providers

    The new legislation targets virtual asset service providers established in Belgium that perform or offer these activities in a professional manner on Belgian territory. The electronic infrastructure set up in Belgium through which the aforementioned services are offered is also included in the scope (i.e. automated teller machines (ATMs) that allow for the exchange of virtual currencies against fiduciary currencies). The Belgian Financial Services and Markets Authority ("FSMA") will create two registers for the various categories of virtual asset service providers. Each application for registration...
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