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EU and UK Wire Transfer Regulations—timeline to 31 December 2023 [Archived]

EU and UK Wire Transfer Regulations—timeline to 31 December 2023 [Archived] ARCHIVED: This Practice Note is archived and is no longer maintained. For UK developments see: AML/CTF/CPF—timeline of UK legal and regulatory developments for financial services. For EU developments see: AML/CTF/CPF—timeline of EU legal and regulatory developments for financial services. This timeline outlines the developments in relation to the Wire Transfer Regulation (Regulation (EU) 2015/847) (also known as the Funds Transfer Regulation (FTR)), its predecessor the Wire Transfer Regulation (Regulation (EU) 1781/2006) and the Recast EU WTR2 (also referred to as the Recast EU Transfer of Funds Regulation (EU FTR2)) which entered into force in June 2023 and applies from 30 December 2024 and forms part of the wider European Commission 2021 legislative package overhauling the European Union’s AML/CTF legal framework and regulatory requirements. It further includes the onshoring of EU WTR2 through the Retained Regulation (EU) 2015/847 (UK WTR2) and relevant updates brought in through the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017,...

Payment Accounts Directive and Payment Accounts Regulations 2015–timeline [Archived]

Payment Accounts Directive and Payment Accounts Regulations 2015–timeline [Archived] ARCHIVED: This Practice Note is archived and is no longer maintained. The Payment Accounts Directive (Directive 2014/92/EU) (PAD) is intended to enhance transparency and comparability for consumers in respect of payment accounts. In particular, the PAD: • makes it easier for consumers to compare fees charged by banks and other service providers across the EU • facilitates consumer switching of payment accounts, and • entitles all EU consumers to open a payment account that enables them to perform essential functions such as receiving their salary and paying bills The PAD has its origins in the European Commission's consultation on retail bank accounts, opened in March 2012, which assessed the need for action in the areas of transparency and comparability of fees, account switching and access to basic payment accounts. This followed a retail banking sector inquiry in 2007 which had identified these factors as obstacles to consumer choice and mobility. Member States' subsequent attempts to tackle the problems at a national level...

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The European Supervisory Authorities (ESAs) and the European System of Financial Supervision

This Practice Note provides guidance on the European Supervisory Authorities (ESAs): (the European Securities and Markets Authority (ESMA), the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA), amongst other things, their roles and general powers to develop draft technical standards, and issue opinions, guidance and recommendations to national supervisors in the EU. The ESAs, together with the European Systemic Risk Board (ESRB) and the national competent authorities (NCAs) of EU Member States make up the European System of Financial Supervision (ESFS).ESAs work with the ESRB to ensure financial stability and to strengthen and enhance the EU supervisory framework and aim to improve coordination between national supervisory authorities, and raise standards of national supervision across the EU. The ESAs also issue guidance and recommendations which national supervisors and firms must make every effort to comply with. Where the ESAs believe that a national competent authority (NCA) is failing to apply EU law, or is doing so in a way that appears to be in breach of...

Brexit and financial services—financial market infrastructures (FMIs)

Brexit and financial services—financial market infrastructures (FMIs) This Practice Note considers the impact of the UK’s withdrawal from the EU on the supervision of central counterparties (CCPs), trade repositories, and central securities depositories (CSDs) in the UK, including the temporary recognition regime and run-off regime for non-UK CCPs, the temporary registration regime and conversion regime for UK trade repositories, and the transitional regime for non-UK CSDs, as well as the temporary designation regime for settlement finality. The European Union (Withdrawal) Act 2018, as amended by the European Union (Withdrawal Agreement) Act 2020, makes provision for the ratification and implementation in domestic law of the Withdrawal Agreement between the UK and the EU. The Withdrawal Agreement sets out the arrangements for the UK’s withdrawal from the EU. It includes a transition period (or, to use the UK government’s phraseology, an ‘implementation period’) beginning on 31 January 2020 and ending on 31 December 2020 (IP completion day). During the implementation period, the UK was treated, for most purposes, as if...

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Has the 23 June 2017 version of the joint money laundering steering group final revised guidance has yet received ministerial approval from HM Treasury? Presumably, until this ministerial approval is received it is best to rely on the previous version?

Has the 23 June 2017 version of the joint money laundering steering group final revised guidance has yet received ministerial approval from HM Treasury? Presumably, until this ministerial approval is received it is best to rely on the previous version? On 17 November 2017, the joint money laundering steering group (JMLSG) issued further proposed amendments to the guidance and stated on the JMLSG website that the revisions reflect ‘some refinement of the guidance to take account of some comments made by HM Treasury in the context of seeking ministerial approval of the June 2017 text’. The consultation period for the further revisions ended on 4 December 2017. The JMLSG published revised versions of its June 2017 guidance in December 2017. The new versions confirm the proposed amendments published in November 2017, subject to further amendment to Part I, paragraph 6.15, and include a number of minor editorial amendments to Part I, paragraph 1.20, and Part II, sector 16: Correspondent relationships. See: LNB News 02/01/2018 85 for...

I am advising a bank which is opening an account for an established UK financial leasing company which it hasn’t dealt with before. The new customer has refused to respond to standard CDD checks, saying it is subject to the UK anti-money laundering regime and CDD is not required. Is this correct?

I am advising a bank which is opening an account for an established UK financial leasing company which it hasn’t dealt with before. The new customer has refused to respond to standard CDD checks, saying it is subject to the UK anti-money laundering regime and CDD is not required. Is this correct? What is CDD? Customer due diligence (CDD) is a package of measures which credit institutions (such as banks) and other financial institutions are required to apply to their customers to ensure, as far as practicable, that the financial system is used only by bona fide persons for bona fide purposes. CDD is also known as know your customer (KYC). In the UK, CDD requirements are set out in the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 (2017 MLRs), which implement the Fourth Money Laundering Directive (EU) 2015/849 (MLD4) and the Second Wire Transfer Regulation (EU) 2015/847 (WTR2) and entered into force on 26 June 2017. The...

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Financial Services weekly highlights—19 December 2024

This week's edition of Financial Services weekly highlights includes: FCA publishes five portfolio strategy letters; ESAs publish report on 2024 dry run exercise for DORA reporting; Cross-border payments: FSB issues recommendations on frictions in data flows and consistency in regulation between bank and non-bank PSPs; plus dates for your diary over the coming week.

Banking and Finance weekly highlights—19 December 2024

This week's edition of Banking and Finance weekly highlights includes: (1) the LMA publishes new materials promoting stronger fallbacks to EURIBOR and interbank term rates; (2) the publication of various pieces of legislation relating to the Moveable Transactions (Scotland) Act 2023; and (3) BIS issues report on regulatory obstacles surrounding AI adoption in financial sector.

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417 Definitions

417  Definitions(1)     In this Act [and in any order or regulations made under this Act]—[“AIF” has the meaning given in regulation 3 of the Alternative Investment Fund Managers Regulations 2013;]“appointed representative” has the meaning given in section 39(2);“auditors and actuaries rules” means rules made under section 340;“authorisation offence” has the meaning given in section 23(2);“authorised open-ended investment company” has the meaning given in section 237(3);“authorised person” has the meaning given in section 31(2);. . .[“Bank of England” is to be read in accordance with section 2A(4) to (6);]“body corporate” includes a body corporate constituted under the law of a country or territory outside the United Kingdom;[“capital requirements directive” means Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC[, as it had effect immediately before IP completion day][, as it had effect immediately before IP completion day];“capital requirements regulation” means Regulation...