Selected recent news from the UK's conduct regulator:
On 10 November, at the Financial Crime Conference, the Head of the Financial Crime Department at the FCA spoke of the need for industry, regulators and government to work together to improve the anti-money laundering regime. He flagged that they will soon begin randomly-sampled inspections and commented on the benefits of the upcoming new Financial Crime Data Return (which firms with a 31 December year end are required to submit in late March 2017). He closed on the new Money Laundering Regulations being prepared by government and the resultant update to ‘Financial Crime: a guide for firms.’
On 7 November, the FCA announced the first cohort of 18 firms to begin testing in regulatory sandbox. A number of the applications relate to distributed ledger technology (a digital record of who owns what). Firms can apply for the second sandbox from 21 November.
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