Featured Regulatory Update

Anti-money laundering compliance costs hit $25 billion annually – study

The cost of AML compliance across U.S. financial services firms equaled $25.3 billion per year based on survey responses from more than 150 decision-makers at banks, investment, asset management and insurance firms, according to a new study. The report shows that smaller firms are hit hardest, relative to their bottom… Read More

EU adopts new directive on combating money laundering by criminal law

The Council of the European Union has adopted new rules establishing jail sentences and sanctions for money launderers and terror financiers. The new directive complements, on the criminal law aspects, the directive on the prevention of the use of the financial system for the purposes of money laundering or terrorist… Read More

UK watchdog proposes tougher rules for property funds

Investment funds in commercial property should suspend trading when valuations become uncertain, Britain’s Financial Conduct Authority proposed on Monday in draft rules to apply lessons from a market run after the Brexit vote. The FCA proposed a package of rules and guidance for funds that hold illiquid assets including commercial… Read More
16th October 2018
The cost of AML compliance across U.S. financial services firms equaled $25.3 billion per year based on survey responses from more than 150 decision-makers at banks, investment, asset management and insurance firms, according to a new study. The report shows that smaller firms are hit hardest, relative to their bottom… Read More
16th October 2018
Britain’s financial regulator has fired a warning shot at payday lenders amid a rise in complaints about unaffordable loans and following the collapse of Wonga earlier this year. The Financial Conduct Authority (FCA) said on Monday that it had sent a so-called “Dear CEO” letter to providers of high-cost short-term… Read More
15th October 2018
The Council of the European Union has adopted new rules establishing jail sentences and sanctions for money launderers and terror financiers. The new directive complements, on the criminal law aspects, the directive on the prevention of the use of the financial system for the purposes of money laundering or terrorist… Read More
15th October 2018
The United Kingdom is to produce a new format of its £50 note which it said will make it harder for criminals to counterfeit, amid a rising demand for the denomination. According to a government statement, Bank of England evidence shows that demand for the note is ‘continuing to rise.’… Read More
12th October 2018
China’s central bank on Wednesday issued anti-money laundering and counter-terrorism financing regulations for online financial institutions, as part of Beijing’s efforts to rein in financial risks. The institutions must set up internal control mechanisms for combating money laundering and terrorism financing, follow “know your customer” (KYC) rules, and report large… Read More
11th October 2018
The European Commission is reportedly set to publish guidance for member states on how to manage ‘golden visas’ – resident permits that can be purchased by wealthy foreigners – amid growing concerns that they are being used by rich criminals to live and move around Europe easily, and that they… Read More
10th October 2018
Regulators are set to exercise their new powers by handing out fines and even temporary bans on companies that breach a new EU privacy law, with the first round of sanctions expected by the end of the year, the bloc’s privacy chief said. The European Union General Data Protection Regulation… Read More
9th October 2018
The European Union’s securities watchdog said on Monday it was examining every initial coin offering (ICO) to see whether it should be regulated, mirroring moves by its U.S. counterpart. An ICO issues crypto currencies like bitcoin or tokens to raise funds for a start-up company, and regulatory warnings that investors… Read More
9th October 2018
Investment funds in commercial property should suspend trading when valuations become uncertain, Britain’s Financial Conduct Authority proposed on Monday in draft rules to apply lessons from a market run after the Brexit vote. The FCA proposed a package of rules and guidance for funds that hold illiquid assets including commercial… Read More
4th October 2018
Banks doing business in Estonia, which has been at the centre of a money-laundering scandal involving Danske Bank, handled more than $1 trillion (768.18 billion pounds) in cross-border flows between 2008 and 2017, according to the country’s central bank. The European Union member country of just 1.3 million people has… Read More
Must Read

EU adopts Sixth Anti-Money Laundering Directive EU 6AMLD, deadline set

Countries across the European Union will have two years to implement a new system of jail sentences and sanctions for money launderers following the formal adoption of the EU’s latest anti-money laundering directive, dubbed 6AMLD (Sixth Anti-Money Laundering Directive) on 11 October 2018. Once the directive is published in the… Read More

Anti-money laundering compliance costs hit $25 billion annually – study

The cost of AML compliance across U.S. financial services firms equaled $25.3 billion per year based on survey responses from more than 150 decision-makers at banks, investment, asset management and insurance firms, according to a new study. The report shows that smaller firms are hit hardest, relative to their bottom… Read More