KYC360 Weekly Roundup - 7th Jul 2023

Published on Jul 07, 2023

UK tightening up AML supervision

Welcome to this week’s AML Roundup. In our anti-money laundering news this week, the UK Treasury is launching a consultation to see if more needs to be done with the supervisory system around money laundering and terrorist financing. The new Australian corruption commission is inundated in its first week and there’s news on the new head of the UK’s Serious Fraud Office.

The Financial Services and Markets Act became law in this past week and we look at its implications. In Sustainability news, there’s a new draft code of conduct for ESG data and ratings providers. We also have news on gambling advertising bans coming into force this week and the FCAs warning to crypto companies about their marketing obligations with a deadline looming in October.

To complete this week’s Roundup, we provide you with further money laundering, fraud, corruption and bribery updates from around the world. In addition, the latest news from the crypto and virtual assets sector and what’s new in gaming and gambling. We wrap up with the latest in global sanctions including warnings from international regulators about sanctions evasion.


Financial_ServicesMoney Laundering, Fraud & Corruption

HM Treasury launches consultation on reform of the AML/CTF supervisory system

HM Treasury has published a consultation on reform of the anti-money laundering and counter-terrorism financing (AML/CTF) supervisory system. Currently, the AML/CTF supervisory system is made up of three statutory supervisors, the Financial Conduct Authority, the Gambling Commission and HMRC, and 22 professional body supervisors (PBSs) who supervise the legal and accountancy sectors.

Last year’s review of the supervisory regime set out four possible models for reform and this consultation develops them further. One option includes the creation of a single regulator for the accountancy and legal sectors, relieving the professional bodies of their supervisory roles.

Former Top Police Office appointed to run the UK’s Serious Fraud Office (SFO)

Nick Ephgrave, former assistant commissioner at the Metropolitan Police in London, will take over from Lisa Osofsky in September.

New Australian corruption watchdog receives more than 300 referrals since its launch last weekend

The new National Anti-Corruption Commission is seeing significant demand reflecting the sense that past misdemeanours have often gone unexplored.

Isle of Man Financial Services Authority publishes its latest Enterprise Risk Appetite Statement (ERAS)

The ERAS lays out the internal risks the Authority is prepared to accept while looking to protect consumers, reduce financial crime and maintain confidence in the financial services sector. It’s designed to provide stakeholders with clarity regarding the Authority’s approach as part of their commitment to openness and transparency.


RequirementsLegislation, Regulation and Sustainability

Financial Services and Markets Act becomes law

Five things worth knowing as a result of the FSMA gaining royal assent last week.

Industry bodies publish new draft code of conduct for ESG data and ratings providers

The International Regulatory Strategy Group (IRSG) and the International Capital Market Association (ICMA) have launched a draft voluntary code of conduct for ESG data and ratings providers. There has been huge growth in the use and demand for these services and a need to increase scrutiny of their providers. The UK’s FCA has welcomed the consultation which will close on 5 October 2023, with the final code due to be published before the end of the year.

Concerns raised over supply chain problems being caused by ESG legislation

As ESG legislation expands, the increasing costs they impose on business are being questioned. This article looks at the issues causing concern.


Gambling_GamingGaming and Gambling

The Netherlands and Belgium ban gambling ads

On the 1 July, the Dutch and Belgian governments implemented a ban on gambling ads. A bid by operators to overturn the ban in Belgium has failed. Australia is looking at a similar ban after a parliamentary inquiry recommended gambling advertising to be phased out within 3 years.


Crypto-1Crypto & Virtual Assets

UK Financial Conduct Authority (FCA) issues warning to crypto firms reminding them to ensure marketing compliance by October deadline

The FCA has published a letter stating that from 8 October, crypto companies marketing to users in the UK, must comply with the financial promotions regime or face robust sanctions.

HMRC looking for help with ‘strategic insight’ into crypto

HMRC is looking for tools to help it gain strategic insight into the ever-changing world of crypto currencies. It needs help with identification of scams, money laundering and other illicit financial activities.

CryptoUK welcomes the arrival of the Financial Services and Markets Act heralding the UK to become a ‘global hub for crypto’

Su Carpenter, Director of Operations at industry body CryptoUK stated The passing of this transformational piece of legislation into law is a big step forward towards the UK becoming a global hub for crypto and digital assets and is a significant step in terms of providing the necessary regulatory clarity and business certainty for firms to invest here in the UK.



US, UK and EU regulators warn about widening sanctions evasion

Regulators in the US, UK and EU are warning companies that even some apparently innocent activities could fall foul of widening sanctions enforcement rules.


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