RegTech IntelligenceThe UK Financial Services Regulatory Initiatives Forum released its second major Regulatory Initiatives Grid update of the year and the 7th edition of the Grid overall. Over three dozen new initiatives have been added to last year’s plan (JWG Grid 6 analysis here) taking into account the summer update which flagged the significance of Financial
UK Regulators have finally disclosed their plans for 2023 which are 29% bigger than last year with the FCA owning the lion’s share of the 143 initiatives. Practitioners should update their firm’s radars with this version but beware: further updates are expected over the course of 2023. JWG RegRadars are primed and ready. Join us
The UK Treasury’s consultation on further crypto asset regulation signals a heavy compliance burden for crypto businesses and some vertically integrated firms may be required to restructure to gain authorisation. Crypto businesses operating in the UK must be registered with the Financial Conduct Authority (FCA) and compliant with the Money Laundering Regulation (MLR 2017). Around
On 19 January 2017, MEPs rejected the European Commission’s blacklist of countries at risk of money laundering and terrorist financing as being ‘too limited’. The rejection suggests that the list should be broader, by including countries that facilitate tax crime, for example. The list from the Commission contained the names of 11 countries, including Afghanistan,
Last week was an embarrassing week around the globe for a number of high profile politicians, sports personalities, multinationals, law firms, the rich and the famous. The leak of the Panama papers – a data leak of almost 11.5 million documents, concerning the tax affairs of many – brings into sharp focus an agenda that
In the last 48 hours, significant steps have been taken towards creating a more level playing field and higher levels of transparency for those who pay tax. This article provides you with commentary on some of the main aspects that have occurred. JWG’s Customer Data Management Group (CDMG) last year discussed the complexities that the
With the number of participating states down to 10 (France, Germany, Belgium, Greece, Spain, Italy, Austria, Portugal, Slovenia and Slovakia) and the implementation date delayed to mid-2016, the 2011 EU proposal for a financial transaction tax is looking shaky. The most recent movements have stemmed from the 2013 proposal for an EU directive implementing enhanced cooperation
Financial regulation remains as complex as ever. Complex new niches such as shadow banking, Fintech, and Over-the-Counter Derivatives, and the increasing interconnectedness of Financial Institutions (FIs) across the world, have led to greater risks to be managed for regulators. With this in mind, how they manage to get ahead of these rapid financial evolutions and
JWG analysis. Just as firms are getting their heads round reporting for FATCA, the OECD’s Common Reporting Standard (CRS), together with its band of early adopters, pops up. Much has been written on comparing CRS with FATCA, highlighting that there is little to fear for there are synergies to be found. If you are one
JWG analysis. The idea of KYC compliance has traditionally been associated with AML, PEP checks and international sanctions, however the new wave of regulations that is to begin rolling out in 2015 will place a whole new set of pressures on businesses to ‘know their clients’. Rachel Wolcott, writing for Accelus’ Compliance Complete, has highlighted
JWG analysis. The new political drive towards tax transparency is landing in money laundering legislation, and complicating an already complex landscape. G8 Leaders, as a result of the summit held in June last year, committed to publishing ‘action plans’ setting out the concrete steps they will take to combat tax evasion. It appears that those
The Internal Revenue Service (IRS) and the US Department of the Treasury has revised the timelines for implementing reporting and withholding requirements under the Foreign Account Tax Compliance Act (FATCA). These delays are very welcome to firms, particularly FFIs, still facing uncertain requirements and a short implementation timeframe. Withholding on U.S. source income, such as
Five years after the crisis started, real change is finally in store. Who is on the naughty and nice lists? In 2012, the industry saw a flurry of financial sector reforms. With over 140,000 pages of regulation produced over the past twenty four months, an ambitious but often discordant global regulatory framework has developed, leaving
Can a controversial tax reporting initiative actually be good for your bottom line? We explore how. The US Foreign Account Tax Compliance Act (FATCA) has been heavily criticised, and accused of being a “kind of US backward imperialism” with “an atomic bomb used to kill a fly”. At its heart, FATCA exists to track down