BBA publishes MLD 4 paper: BBA has published a position paper setting out its views on the fourth Money Laundering Directive (MLD 4). It stresses its overall support for the proposal, but notes the continuing challenge of being able to comply with both its requirements and those of EU data protection laws. Its other key concerns are over the wide definition of "correspondent banking", where several relationships that fall within it would not in its view bear the same risks as what the term traditionally means, and politically exposed persons (PEPs). It is disappointed there seems to be no appetite from Member States to support an official list of PEPs. It would also welcome interoperability between national systems for identifying beneficial owners. Finally, it stresses that the European Supervisory Authorities must take care not to adopt a one-size-fits-all approach to compliance and cautions that the level of fine proposed for breach could lead to an overly cautious approach to compliance. (Source: BBA Publishes MLD 4 Paper)

BBA to launch Financial Crime Alerts Service: As the Government conducts its "Waking Shark II" exercise on cyber security, BBA has announced the launch of the Financial Crime Alerts Service (FCAS), which will allow the industry to react quickly to perceived threats and alerts. The FCAS is due to launch in early 2015. (Source: BBA to Launch FCAS)