Our quarterly bulletin TenInsight reports on a variety of diverse topics drawn from our profession. We examine the major trends that organisations confront and provide analysis and advice to our readers.
October 2017: Issue One
In this edition, we explore the new Money Laundering Regulations (MLR2017); the Criminal Finances Act 2017; the role of Social Media in due diligence investigations; and the future of Bitcoin regulation.
Businesses need to be aware of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (“MLR 2017”), which came into force on 26 June 2017.
The Criminal Finances Act 2017 (CFA) came into force on 30 September 2017. It introduces further changes to the UK financial crime regime that may necessitate a review of businesses’ existing compliance programmes and financial crime controls. Proper and comprehensive risk assessments will be key.
Social media searches often highlight potential issues and suitability risks not evident from a candidate’s CV.
Despite strong debate over the regulation of digital currency, Bitcoin users and governments agree consumer protection is important. In the UK, the FCA is yet to produce a full regulatory framework for Bitcoin, but profits and losses are taxable.
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