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5MLD -  What are the key changes in the The Fifth Money Laundering Directive?

[fa icon='calendar'] 24-Sep-2019 14:30:00 / by Philip Creed posted in AML Audit, 5MLD, cryptocurrency, fincrime

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Her Majesty’s Treasury published a consultation paper on the UK’s transposition efforts relating to the EU’s 5th Money Laundering Directive (5MLD) earlier this year. The Directive will come into force on 10th January 2020 and contains enhancements to the existing provisions as mandated by the EU’s 4th Money Laundering Directive (4MLD) which was implemented in the UK through the Money Laundering Regulations 2017.

With less than 4 months to go, you should be considering how the proposed changes will impact your business and whether your current approach to financial crime risk management is adequate.

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Suspicious Activity Reports – The Importance of Getting it Right!

[fa icon='calendar'] 02-Sep-2019 16:16:16 / by Philip Creed posted in fincrime, Payments sector, E-money sector

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REP017: Are You Ready To Submit Your Fraud Report by 31 August?

[fa icon='calendar'] 22-Aug-2019 17:11:09 / by Philip Creed posted in fincrime, Payments sector, E-money sector

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Under PSD2, payment services providers across the EU are required to provide statistical data on fraud to their respective competent authority.

In the UK, relevant firms are required to collect and submit data on the volume and value of all payment transactions, as well as the volume and value of fraudulent transactions, and provide this to the FCA through Gabriel using the REP017 report; this information is in turn aggregated and shared with the European Banking Authority and the European Central Bank.

Back in January, we released a blog to provide an overview of the FCA’s interim REP017 report to cover the reporting period between 13 January to 31 December 2018. However, since then, the FCA has released an updated and much expanded REP017 report (with most PSPs being switched to a bi-annual reporting period).

As with our last one, this blog aims to give a high-level overview of who REP017 applies to, what transactions it captures and how the data on fraudulent transactions need to be categorised; we will also detail the key changes in approach since then.

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Preparing for your AML Compliance Audit - top tips from the other side

[fa icon='calendar'] 20-Aug-2019 08:40:43 / by Philip Creed posted in AML Audit, fincrime, Payments sector, E-money sector

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Broken down to its most basic level, an audit is a method by which firms seek an external opinion on their policies, procedures, systems and controls. Rather than an exercise in detecting shortcomings and failures, the process of a compliance audit should be viewed as a means of testing an AML/CTF framework to identify opportunities to undertake enhancements as well as highlighting any issues. In essence, the intention is to provide assurance that the firm is operating in an compliant manner within its own specific regulatory framework.

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OFAC Publishes Compliance Guidance on US Sanctions

[fa icon='calendar'] 28-Jun-2019 12:46:00 / by Philip Creed posted in fincrime

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For the first time, the US Office of Foreign Assets Control (OFAC) has reached out to provide guidance to firms on creating and maintaining an effective sanctions risk mitigation framework. The guidance is primarily based on the essential criteria which OFAC regards as the tools necessary for firms to achieve their business aims, whilst also mitigating the inherent sanctions risks facing them.

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Standard Chartered Bank: Fined $1.1 billion for Anti-Money Laundering and Sanctions Violations

[fa icon='calendar'] 07-Jun-2019 08:03:00 / by Philip Creed posted in AML Audit, fincrime, In the Media

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 Last month Standard Chartered bank agreed to pay a $1.1 billion for both Anti-Money Laundering and Sanctions violations. This blog is an overview of the bank’s failures in relation to both cross-border violations and what they mean for firms.

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Happy New Year, welcome to the new world of REP017 fraud reporting

[fa icon='calendar'] 08-Jan-2019 16:32:16 / by Philip Creed posted in fincrime

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Under PSD2, all payment services providers, including credit card providers, money remitters and e-money issuers, account information service providers (AISP) and payment initiation service providers (PISP) are required to file reports in relation to confirmed fraudulent activity, known as the REP017 report. 

The REP017 report provides the means for firms through Gabriel to provide the FCA with statistical data on fraud related to different means of payment which in turn is  aggregated  and shared with the European Banking Authority and European Central Bank.

The first submission for REP017 is scheduled for 31st January 2019 covering the period from the 13th January 2018 to 31st December 2018. For this period, the FCA have published an interim REP017 report to be completed.

This blog aims to give a high-level overview of who REP017 applies to, what transactions it captures and how the data on fraudulent transactions need to be categorised.

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fscom warns of increasing sophistication of FinCrime

[fa icon='calendar'] 25-Oct-2018 08:00:00 / by Philip Creed posted in fincrime

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What does a good BREXIT deal look like for financial services?

[fa icon='calendar'] 28-Jul-2017 10:59:49 / by Philip Creed posted in BREXIT, Regulatory compliance

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London is the second largest financial centre in the world and financial services is the largest industry in the UK, therefore it is logical to expect the financial services industry to be high on the negotiation table for BREXIT.

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Why financial services regulation is crucial to fintech

[fa icon='calendar'] 30-Jun-2017 11:02:31 / by Philip Creed posted in cryptocurrency, fincrime, challengerbanks, In the Media, Regulatory compliance

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