fscom News and Events

Are you ready for 4MLD on Monday?

[fa icon='calendar'] 23-Jun-2017 21:15:30 / by Mike Southgate posted in E-money, Compliance, 4MLD, Payment services

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Is your firm prepared for 4MLD?

If not, you only have this weekend to get sorted and while we have had draft versions and a consultation JMLSG guidance in circulation for some time now, the new Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs 2017) are were finally laid before Parliament yesterday, and will come into force on Monday, meeting the 4MLD implementation deadline of 26 June.

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MLRO Masterclass: how to handle tricky due diligence issues

[fa icon='calendar'] 09-May-2017 09:30:00 / by Alison Donnelly posted in E-money, Compliance, 4MLD, Payment services

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All you want is a straight answer. Is this enough? Can I onboard this client? Can I accept this document? Is my EID provider running a tight ship or will I get sunk? Straight-talking fscom anti money laundering expert, Mike Southgate will give the straight answers at the next MLRO Masterclass.

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FX forwards: in or out of scope under MiFID II?

[fa icon='calendar'] 13-Apr-2017 18:03:15 / by Alison Donnelly posted in FCA, Compliance, FINTECH

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For years, the UK charted a lonely but pragmatic course with its interpretation that deliverable FX forwards are not investment instruments. UK payment and e-money institutions can offer such products without requiring authorisation under the Financial Services and Markets Act 2000 (FSMA) while counterparts elsewhere in the EEA had to be regulated. The implementation of MiFID II in January 2018 will, among other things, confirm the UK’s position but the new definition is a little tighter than what we are used to in the UK and payment and e-money institutions must consider whether they want to remain unregulated.

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