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‘Too limited’: blacklist of countries at risk of money laundering and terrorist financing is rejected
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30 Jan
2017

‘Too limited’: blacklist of countries at risk of money laundering and terrorist financing is rejected

  • 30th January 2017
  • Letitia Bolton

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, Read More

06 Sep
2016

FATCA Concerns: Expats request tweaks to unintentionally punishing regulation

The Foreign Account Tax Compliance Act (FATCA) has become infamous for its unintentionally damaging effect on the average American expat, as many foreign financial institutions (FFIs) attempt to mitigate their paperwork and risk by denying custom to American citizens according to expat groups with mainly anecdotal evidence. Groups protecting US expats are proposing tweaks to Read More

14 Jul
2015

Death by taxes

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 Read More

03 Jul
2015

AMLD IV: another brick in the wall

  • 3rd July 2015
  • David Miller

JWG analysis. Since 2008, regulators have been plugging the gaps revealed by the global financial crisis and have just put another brick in the financial services wall – the 4th Money Laundering Directive. Last month, the much anticipated ‘IV’ was published in the official journal and will become the law of the land in 2 Read More

02 Apr
2015

KYC regulatory challenges: on deck and ready to go?

  • 2nd April 2015
  • RegTechFS

JWG analysis. Firms have plenty of planes in the air right now.  The regulatory pressure on firms to ‘get KYC right’ in the form of new financial crime regulation, such as FATCA or AMLD IV, and huge fines means they will need to juggle these changes amidst an ongoing regulatory implementation effort. How you need Read More

29 Jan
2015

CDMG publishes new research – next meeting now set for February

  • 29th January 2015
  • RegTechFS

On the 22nd January, over 30 stakeholders from 12 firms met Customer Data Management Group (CDMG)  meeting to discuss their 2015 priorities for regulatory KYC requirements. JWG presented a summary of 40+ new regulations that require firms to manage counterparty information over the next 3 years.  Alec then presented summaries of the 11 regulations in scope Read More

29 Jan
2015

JWG launches KYC training – 24 February. RSVP now

The need for better counterparty information sits at the centre of most regulatory reform agendas. Unfortunately, this means the period from 2015 to 2017 brings with it massive new documentation, workflow and vendor change for the hundreds of fields maintained for every subaccount in capital markets. Do you know what is about to hit your marketing, Read More

16 Jan
2015

The cure for KYC sickness

JWG analysis. 2015 will see a number of new regulatory requirements, long in the proposal or draft stage, crystallise into prescriptions for better customer data management.  At a time when record fines for AML failures and new personal liability for senior managers have intensified the pressure to ‘get KYC right’, these ‘remedies’ pose significant challenges Read More