Treasury consults on bank branch standards: Treasury is consulting on proposals to extend the Senior Managers and Certification Regime to all banks and significant investment firms that have a presence in Britain. This follows the introduction of the regime in the Banking Reform Act and the Chancellor's announcement in June that the Government intended to extend it to all banks operating in Britain. Treasury can extend the regime by secondary legislation provided it has consulted properly on the proposals. It has published draft legislation and asks for comment by 30 January 2015. (Source:Treasury Consults on Bank Branch Standards)
Treasury updates on money laundering: Treasury has published a notice updating its guidance on money laundering risks following the latest Financial Action Task Force meeting. It advises firms to:
- apply enhanced due diligence to the following high risk jurisdictions: Algeria, North Korea, Ecuador, Indonesia, Iran and Myanmar; and
- take appropriate action (which may involve enhanced due diligence in high risk situations) in respect of the following: Afghanistan, Albania, Angola, Cambodia, Guyana, Iraq, Kuwait, Lao PDR, Namibia, Nicaragua, Pakistan, Panama, Papua New Guinea, Sudan, Syria, Uganda, Yemen and Zimbabwe.
Treasury notes several of these jurisdictions are also subject to sanctions. (Source: Treasury Updates on Money Laundering)
Treasury Updates Sanctions: Treasury has updated the sanctions lists in relation to Iran and the Ukraine. (Source: Treasury Updates Sanctions)