European Parliament to consider MLD4 at 10 to 13 March 2014 plenary session

The European Parliament has updated its procedure file on the proposed Fourth Money Laundering Directive. The procedure file now indicates that the Parliament will consider the Directive at its 10 to 13 March 2014 plenary session. It was previously scheduled for 2 to 3 April 2014.

View Prevention of the use of the financial system for the purpose of money laundering and terrorist financing, 23 January 2014

JMLSG consults on AML guidance for consumer credit firms

The Joint Money Laundering Steering Group has published draft guidance for consumer credit firms relating to their compliance with their anti-money laundering obligations, in line with the FCA’s new responsibilities of supervising such firms from 1 April 2014.

In the main, the draft guidance inserts a new chapter 11a on consumer credit providers into the sector-specific guidance in Part II of the JMLSG Guidance. This proposed guidance affects both unsecured credit providers and secured lenders offering the following products:

  • store cards and other revolving credit facilities;
  • point of sale or other retail finance;
  • personal loans or short term credit; and
  • second charge lending.

The deadline for comments on the draft guidance is 21 February 2014.

View Consumer credit providers, 29 January 2014

NCA guidance on submitting SARs

The National Crime Agency (NCA) has published guidance on submitting a suspicious activity report (SAR) for firms within the regulated sector. Advice and best practice for firms is contained within the guidance and includes information on:

  • submitting an SAR online;
  • how to write an SAR and the information to include; and
  • how to contact the UK Financial Intelligence Unit, which is situated within the NCA.

View Submitting A Suspicious Activity Report (SAR) within the Regulated Sector, 24 January 2014