David Marks KC’s Post

The #EBA supports the new EU framework to fight #moneylaundering and create the #AMLA to strengthen anti-financial crime efforts. Until December 2025, EBA will maintain its #AML powers and focus on supervising financial institutions, #riskassessment, #customerduediligence, and breach seriousness criteria. Learn more: https://hubs.li/Q02FlLST0

Our PwC Ireland financial crime update for Q1 2024 will bring you up to speed on new financial crime threats in the ever-changing regulatory landscape. Read the update here.

The implementation of Unexplained Wealth Orders (UWO) in Gibraltar will bolters our AML frameworks. Excelent initiative! https://lnkd.in/ehcyzd-P

Consumer Protection Code - This event will provide updates on the consultation paper and discuss the practical challenges firms face in implementing these changes. It will also explore preparatory actions firms can take now. A panel discussion will seek to examine the proposed changes and gather feedback and insights from the attending stakeholders. Register now https://lnkd.in/dXpDfi3N

Keeping ahead of the changes - Minimising risk! The Australian Government has unveiled groundbreaking legislation aimed at transforming and broadening the regulation of services vulnerable to financial crime. Set to take effect in 2026, these new laws will apply to services offered both within Australia and internationally. The reforms emphasize a risk-based approach to effectively manage financial crime risks. Register now and stay informed - https://lnkd.in/gQsjdBT4 #antimoneylaundering #ctfrules #aml

Consumer Protection Code - This event will provide updates on the consultation paper and discuss the practical challenges firms face in implementing these changes. It will also explore preparatory actions firms can take now. A panel discussion will seek to examine the proposed changes and gather feedback and insights from the attending stakeholders. Register now https://lnkd.in/e2G9HuFX

Check out our Q1 2024 PwC financial crime update to stay informed on the latest developments in financial crime. Read the update here.

The latest edition of the UK Financial Intelligence Unit (UKFIU)'s SARs in Action Magazine is well worth a read. As well as pieces on the the links between fraud and other serious and organised crime, and the Virtual Squatting Cell, this issue highlights the recently published Cross-System Professional Enablers Strategy. Professional enablers are individuals who provide professional services (such as legal and accountancy) to criminals to facilitate their criminality. Their behaviour is deliberate, reckless, improper, dishonest and/or negligent. To read more about the threat from professional enablers and how we are responding, take a look at the strategy in full here: https://lnkd.in/eGrGcHSM

One thing I haven't heard anyone talking about yet is OFAC's revision to 31 C.F.R. § 501.804 as part of yesterday's interim final rule amending the Reporting, Procedures, and Penalties Regulations. Specifically, the interim final rule now provides a point of contact for the submission of requests for rulemaking--including requests for the issuance of general licenses. Such requests are now to be submitted to OFACReport@treasury.gov and to reference 31 C.F.R. § 501.804 in the subject line. Further, such requests are now made to OFAC generally, as opposed to the Director of OFAC specifically. This amendment will alleviate confusion as to where such requests should be submitted, given that the prior iteration of the regulation merely said that interested parties could petition the Director of OFAC. That said, the interim final rule doesn't necessarily address who within OFAC is responsible for adjudication of those requests, as it merely makes reference to any interested person being able to petition OFAC. Maybe that will get sorted out in the final rule. More thoughts on the RPPR amendments to come...

Have you read our latest report yet? "US trends in market abuse and trade surveillance" provides comprehensive and wide-ranging analysis of the state of market abuse perpetration and enforcement in the United States today. Download the report here: https://bit.ly/3ViMPgr #MarketAbuse #TradeSurveillance #Report #Finance