25.09.2017

​ComplianceServe Updates for September 2017: What’s New?

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We are pleased to confirm that the pathways below have been reviewed in line with the latest regulations and have been updated where required. The main changes are summarized below together with the date when the updated pathway will be available on your platform.

The updates will automatically overwrite the existing versions so learners will automatically see the latest content without intervention.

Financial crime – the basics

  • Added a further objective relating to relevant legislation
  • Added references to the Criminal Finances Act 2017
  • Added up to date estimates for money laundering figures in the UK
  • Updated figures for the estimated cost of fraud in the UK
  • Available on your platform from 25/9/2017

Fighting fraud

  • Updated figures for the estimated cost of fraud in the UK
  • Added references to the Criminal Finance Act 2017 and new powers for the NCA
  • Added reference to the Criminal Finance Act 2017 and tax evasion
  • Added text and a new pop up box referring to changes under the Criminal Finance Act 2017 including ‘Unexplained Wealth Orders’ and seizure of proceeds of crime
  • Available on your platform from 25/9/2017

Combating market abuse

  • Added clarification around Insider Dealing
  • Published to your platform on 18/9/2017

Countering bribery & corruption

  • Added references to the Criminal Finances Act 2017
  • Inserted text relating to Unexplained Wealth Orders
  • Added references to the extension of the NCA investigation period for SARs under the Criminal Finances Act 2017
  • Published to your platform 18/09/2017

Money laundering & how you can prevent it

  • Added references to the new watchdog (the Office for Professional Body Anti-Money Laundering Supervision (OPBAS), which will sit within the FCA
  • Added reference to the Criminal Finances Act 2017, Unexplained Wealth Orders and Disclosure Orders / Customer Due Diligence and text to explain the aim of the legislation
  • Added statistics re SARs
  • Amended the threshold for occasional transaction from 15k to 10k in line with 4AMLD
  • Added a statement to clarify the AML objective
  • Replaced existing statement to clarify legitimate sources as well as criminal activities
  • Added more examples of criminal activities
  • Added text to highlight the reasons for mortgage brokers, general insurers etc
  • Added text to confirm banking regulation by PRA and FCA
  • Added a new pop-up with PRA definition
  • Added text to clarify Simplified Due Diligence change in line with 4AMLD
  • Amended threshold for occasional transactions with 4AMLD
  • Added a more detailed definition of a PEP in line with 4AMLD
  • Available on your platform from 25/9/2017

Managing conflicts of Interest

  • Added text to clarify the type of products that still offer commission to advisers
  • Added new case study relating to COI in a retail banking scenario
  • Available on your platform from 9/10/2017

FATCA

  • No updates required

Customer due diligence

  • Explanation that CDD is now required by anyone trading goods in cash with a value over 10,000 euros (previously 15,000 euros)
  • Expanded to include the entire gambling sector, not just casinos, where customers wish to place a stake or collect winnings of at least 2,000 euros
  • Changes in the definition of Politically Exposed Persons (PEPs) which are no longer limited to persons outside of the UK
  • Emphasis of the increased requirements under 4AMLD for documentation on the risk assessment that should be undertaken
  • Published to your platform 18/09/2017

Financial promotions

  • No changes required

Sanctions

  • Amendments made relating to the Policing and Crime Act 2017 and new questions added to the assessment
  • Available on your platform from 09/10/2017

Whistleblowing with confidence

  • Text added to clarify that 'genuinely self-employed' are excluded from PIDA
  • Publish to your platform 18/09/2017

How to comply with the Data Protection Act

  • Content relating to the GDPR has been relocated to the new GDPR Essentials course
  • Available on your platform from 25/09/2017

Information security

  • Content relating to the GDPR has been relocated to the new GDRP Essentials course
  • Added text to elaborate on the increased threats to data security
  • Available on your platform from 09/10/2017

Transaction reporting

  • New content added summarising the key elements in MiFID II which impact transaction reporting
  • Published to your platform 18/09/2017

Consumer credit – handling arrears

  • Added text to confirm the annual review requirements
  • Amended the threshold on occasional transactions in line with 4AMLD
  • Retail banking case study update
  • Available on your platform from 09/10/2017

MLRO The role of the Money Laundering Reporting Officer

  • Added references to the Criminal Finances Act 2017 and the effect on POCA
  • Added reference to Unexplained Wealth Orders
  • Addition of references to the new watchdog, OPBAS, due to be operational in early 2018
  • Added text regarding new powers for the NCA under the Criminal Finances Act 2017
  • Added text regarding the extended NCA investigation period under the Criminal Finances Act 2017
  • Available on your platform from 25/09/2017

Author

Simon Mercer

Simon Mercer

Head of Business Development

Since arriving in the eLearning industry in 2002, Simon has helped to conceive, develop and deliver…

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