UK government to create anti-money laundering watchdog
The government of UK has announced plans to launch a new anti-money laundering watchdog in order to tighten its defences against money laundering and terrorist financing.
The proposed Office for Professional Body Anti-Money Laundering Supervision (OPBAS) will sit within the existing Financial Conduct Authority (FCA).
It will aim to strengthen the oversight of the laws, which is currently done by 25 different organisations, of which 22 are professional bodies for the accountancy and legal services sectors.
The treasury said that the supervision by different organisations often leads to inconsistencies that are exploited for criminals, a loophole which OPBAS will aim to close. OPBAS will have powers to penalise sectoral bodies for anti-money laundering rule violations.
OPBAS will be funded through a new fee on professional body supervisors, and will be operational by early 2018.Economic Secretary to the Treasury Simon Kirby said: “The new Money Laundering Regulations and the new Office for Professional Body AML Supervision will bring the UK’s anti-money laundering regime into line with the latest international standards, and ensure consistently high standards of supervision across all sectors, sending a strong message that money laundering and terrorist financing should not and will not be tolerated.”
Other Latest News
- UOB secures preliminary nod to set up foreign-owned subsidiary in Vietnam
- Pacific Premier Bancorp secures regulatory nod for Heritage Oaks Bancorp acquisition
- Tandem loses funding and licence (in tandem)
- Cathay General-SinoPac merger secures Fed approval
- People's United Financial-Suffolk Bancorp merger secures final regulatory nod
Nets partners Chainalysis to facilitate validation of virtual currencies
Danish payments processor Nets has joined forces with distributed ledger technology provider Chainalysis to help banks validate virtual currencies such as bitcoin and comply with anti-money laundering rules.read more
Hearsay rolls out new enterprise compliance platform
US-based financial technology provider Hearsay has unveiled the next generation of its enterprise compliance platform to better counter social and digital risk.read more
UBS deploys electronic signature service
Swiss banking giant UBS has deployed the Qualified Electronic Signature (QES) service from Cryptomathic and SwissSign to strengthen security and control of its document management.read more
SIX Payment Services taps IBM technology to boost cyber security
SIX Payment Services has selected IBM Watson for Cyber Security to develop a next-generation Security Operations Center (SOC) in order to boost cyber defence and provide customers security services for compliance with Swiss privacy and financial market regulations.read more
Scotiabank, Cardtronics extend ATM deal at 7-Eleven Canada stores
The Bank of Nova Scotia (Scotiabank) has extended its ATM branding agreement with Cardtronics to give its customers surcharge-free ATM access at over 640 Scotiabank-branded ATMs at 7-Eleven Canada stores across Canada.read more