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Turning defence into attack: Preview of day 3 of the Dark Money Conference 2021

[fa icon='calendar'] 14-Sep-2021 15:15:13 / by Philip Creed posted in Financial Crime, darkmoneyconf

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In this final blog previewing The Dark Money Conference 2021, Director of fscomPhilip Creed outlines what to expect on Day 3 of the conference.

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Fighting fincrime smarter and faster: Preview of day 2 of the Dark Money Conference 2021

[fa icon='calendar'] 13-Sep-2021 17:15:00 / by Philip Creed posted in Financial Crime, darkmoneyconf

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In this next blog in our series previewing The Dark Money Conference 2021, Director of fscomPhilip Creed outlines our key theme and speakers for Day 2 of the conference.

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"How fincrime hurts us all" - Preview of Day 1 of the Dark Money Files Conference 2021

[fa icon='calendar'] 10-Sep-2021 14:32:12 / by Philip Creed posted in Financial Crime, darkmoneyconf

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Director of fscom, Philip Creed who co-founded The Dark Money Conference in 2020 together with Graham Barrow and Ray Blake from the Dark Money Files gives us a glimpse into what to expect from the first day of the conference this year.

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The 5th Money Laundering Directive – Transposition into Irish Law

[fa icon='calendar'] 02-Sep-2021 12:24:55 / by Philip Creed posted in 5MLD, ireland

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The Criminal Justice Act (CJA) 2021 became effective on 23rd April 2021 with the transposition of the 5th Anti-Money Laundering Directive (5MLD) into Irish Law.

This blog seeks to look at the changes 5MLD will now have on Irish firms and how they can overcome the challenges which may be presented in the transition period. 

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UK Cryptoasset Registration – How To Best Prepare Your Firm

[fa icon='calendar'] 29-Jul-2021 16:29:23 / by Philip Creed posted in Cryptoassets

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Crypto firms operating in the UK, prior to 10th January 2020, are required, in compliance with the 5th Anti-Money Laundering Directive (5MLD), to register with the FCA and be compliant with the MLRs 2017, as amended. There has been a number of extensions to the registration deadline. Director Philip Creed looks at what firms should be doing now to better prepare for their cryptoasset registration. 

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The Digital Workplace: more than just digitising your services

[fa icon='calendar'] 28-May-2020 13:22:46 / by Philip Creed posted in E-money, Payment services, Covid 19

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What does 5MLD mean for cryptocurrency firms?

[fa icon='calendar'] 07-Jan-2020 16:12:07 / by Philip Creed posted in 5MLD, Cryptoassets

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Entering into force in July 2018 after political agreement was reached by the EU Parliament, the Council and the Commission, the EU’s Fifth Money Laundering Directive (5MLD) is intended to be transposed into applicable national law no later than 10th January 2020.  

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

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

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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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