A compilation of guides, how-to's, tips and more from CCL Academy's highly professional subject matter experts who have significant industry/practitioner experience.
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What led TD Bank to receive the largest fine to date under AML law, and what should financial institutions do now?
On October 10th 2024, US Attorney General, Merrick B Garland, announced that TD Bank had pleaded guilty to multiple felonies under the Bank Secrecy Act and Money Laundering Conspiracy violations. TD Bank agreed to pay a total penalty of just... -
Dealing with PEPs: Examples of good practice
The FCA’s recent review on how effectively firms are following its 2017 Guidance on the treatment of Politically Exposed Persons (PEPs) includes examples of good practice in certain areas. In this article, Bruce Viney delves into some of the examples... -
A guide to dealing with PEPs following the FCA’s findings of its multi-firm review
The FCA recently published findings of its review on how effectively firms are following its 2017 Guidance on the treatment of Politically Exposed Persons (PEPs). The review findings are significant for financial firms dealing with PEPs and at a minimum,... -
FCA Review of Outcomes Monitoring
On 26th June, the FCA published its “Insurance multi-firm review of outcomes monitoring under the Consumer Duty”. In this article, Nigel Sydenham outlines some of the key takeaways from this review, including the FCA’s expectations regarding outcomes monitoring and how... -
Upgrading your Consumer Duty training in 2024: Do’s and don’ts
As we approach the first anniversary of the Consumer Duty, the FCA’s message has been clear – implementation of the Duty is not a ‘once and done’ exercise, rather firms need to be improving continuously. While you may feel positive... -
What is the FCA’s new Anti-Greenwashing Rule and how does it apply?
In November 2023, the UK FCA confirmed that it would be introducing various measures relating to sustainability disclosures, including a new set of labels for investment funds, as well as a new ‘Anti-Greenwashing’ (AGW) Rule. The AGW rule is the... -
The Economic Crime and Corporate Transparency Act: What it is and what firms should be doing
The Economic Crime and Corporate Transparency Act (ECCTA) received Royal Assent on 26th October 2023. A proportion of the Act, mainly that relating to Companies House, came into effect on 4th March 2024. In this article, Bruce Viney discusses what... -
Dear CEO – What the FCA expects you to do
On 5th March 2024, the FCA issued a ‘Dear CEO’ letter to Annex 1 firms (i.e. firms that are supervised by the FCA for AML/CTF purposes only) which reiterated the importance of the ‘…fight against financial crime…’. It also sets... -
The Consumer Duty Board report – are you ready?
In this article, Peter Haines, Consumer Duty trainer and a Consumer Duty Champion with experience in implementing the Duty within a financial services organisation, discusses the FCA’s expectations for the Board report and the type of MI firms should be... -
The rise in bribery and corruption, and how to assess and manage associated risks
Almost every country in the world prohibits the payment of bribes to their own government officials, but the scale and ubiquity of bribery and corruption continue to worsen. Bruce Viney discusses the rise in bribery and corruption, some of the... -
Embedding the Consumer Duty: Part three – governance challenges
The previous articles have explored the question of why ‘embedding’ the Consumer Duty is such a focus for the FCA, and hence for firms, as well as some of the practical steps firms can take to meet the FCA’s expectations.... -
Domestic PEPs – what does the FCA review mean for firms?
The treatment of Politically Exposed Persons (PEPs) – in particular, domestic PEPs - when accessing financial services in the UK has been a recent subject of debate. This is, perhaps in part, due to the media attention surrounding the former...