Round Governance Services Limited’s Post

This is something that comes up from time to time and can potentially throw a spanner in the works in terms of any KYC requests (particularly with banks in my view). It's worth dusting down your directors external appointments and familiarising yourself with any potential risk/exposures. This article from LexisNexis articulates who could fall within the PEP category: https://lnkd.in/esrA2b8x #directors #PEP #risk #exposure #governance

The FCA are asking for industry comment following their paper published on 18 July of their UK domestic PEPS review. An interesting point is how quickly after a PEP leaves office is declassification considered? Surely if you were corrupt you would wait until you had left office to process your 'gains'? Or leave any ill gotten assets dormant for a while until you're declassified then launder away? Would love to hear people's views on this. Appreciate generally most PEPs are law abiding but as history has proven, not always the case sadly. https://lnkd.in/eWQ8ZT2w

FCA Issues Over 291 Warnings The Financial Conduct Authority (FCA) has been proactive this year, issuing over 291 warnings against unauthorized firms and individuals. This significant number of warnings highlights the persistent challenges within the financial sector. Key Points: - Consumer Protection: These warnings are crucial to safeguard consumers from potential fraud. - Market Integrity: Ensuring the integrity of financial markets remains a top priority. - Increased Vigilance: The rise in unauthorized activities calls for heightened awareness and stronger regulatory measures. For businesses and investors, staying informed and compliant is essential to navigating this complex financial landscape. Source: https://lnkd.in/gKCPqRJw #FinancialRegulation #FCA #ConsumerProtection #FinancialMarkets #Compliance #FraudPrevention #FinanceNews

The FCA has made clear that many firms still have more to do in relation to the identification and support of vulnerable customers. Many firms are failing to identify vulnerable customers despite vulnerability being a very clear thread leading through each of the four Consumer Duty outcomes. A failure to address vulnerabilities within a firm’s customer base will, in the eyes of the FCA, lead to a failure by that firm to comply with the Duty. Join Peter Haines and Nigel Sydenham for the third of our complimentary 2024 Consumer Duty Webinar Series as they discuss: - The FCA's expectations of firms - How vulnerability relates to each of the Consumer Duty outcomes - Vulnerability and the board assessment. Vulnerability and the Consumer Duty Outcomes Tuesday 16th April 2024, 10:00 am - 10:30 am (via Zoom) This webinar is intended for board members, Compliance Officers, L&D staff and those responsible for ensuring that their firm is treating vulnerable customers fairly. > Register here: https://lnkd.in/eYZPmXJP #ConsumerDuty #ConsumerDutyWebinar #VulnerableCustomers

In our latest True Cost of #FinancialCrime Compliance Report, Katarina Pranjić, CAMS, CAMS, Head of #Regulation & #Policy at LexisNexis Risk Solutions, uncovers fascinating trends in the evolving landscape of #compliance: 📌 #Regulatory expectations remain the primary driver of compliance costs, but geopolitical events are increasingly significant. 📌 Rising compliance costs are now influencing regulatory direction, sparking a shift toward smarter regulation aimed at reducing time and cost burdens for financial institutions. 📌 A prime example? The ongoing conversations around a risk-based approach for domestic #PEPs—a move designed to ease the burden while maintaining compliance integrity. For more insights, download the latest True Cost of Financial Crime Compliance report: ➡️bit.ly/49QALcb #TrueCostOfCompliance #Compliance #FCC RELX

Together with the Guidance Consultation paper GC24/4 firms look likely to need to review and potentially update their AML/CTF training, policy and procedures

In our latest True Cost of Financial Crime Compliance Report, Katarina Pranjić, CAMS, Head of Regulation & Policy at LexisNexis Risk Solutions, uncovers fascinating trends in the evolving landscape of compliance: 📌 Regulatory expectations remain the primary driver of compliance costs, but geopolitical events are increasingly significant. 📌 Rising compliance costs are now influencing regulatory direction, sparking a shift toward smarter regulation aimed at reducing time and cost burdens for financial institutions. 📌 A prime example? The ongoing conversations around a risk-based approach for domestic PEPs—a move designed to ease the burden while maintaining compliance integrity. For more insights, download the latest True Cost of Financial Crime Compliance report: ➡️bit.ly/4i9vrEv #TrueCostOfCompliance #Compliance #FCC

In our latest True Cost of Financial Crime Compliance Report, Katarina Pranjić, CAMS, Head of Regulation & Policy at LexisNexis Risk Solutions, uncovers fascinating trends in the evolving landscape of compliance: 📌 Regulatory expectations remain the primary driver of compliance costs, but geopolitical events are increasingly significant. 📌 Rising compliance costs are now influencing regulatory direction, sparking a shift toward smarter regulation aimed at reducing time and cost burdens for financial institutions. 📌 A prime example? The ongoing conversations around a risk-based approach for domestic PEPs—a move designed to ease the burden while maintaining compliance integrity. For more insights, download the latest True Cost of Financial Crime Compliance report: ➡️bit.ly/4i9vrEv #TrueCostOfCompliance #Compliance #FCC

In our latest True Cost of Financial Crime Compliance Report, Katarina Pranjić, CAMS, Head of Regulation & Policy at LexisNexis Risk Solutions, uncovers fascinating trends in the evolving landscape of compliance: 📌 Regulatory expectations remain the primary driver of compliance costs, but geopolitical events are increasingly significant. 📌 Rising compliance costs are now influencing regulatory direction, sparking a shift toward smarter regulation aimed at reducing time and cost burdens for financial institutions. 📌 A prime example? The ongoing conversations around a risk-based approach for domestic PEPs—a move designed to ease the burden while maintaining compliance integrity. For more insights, download the latest True Cost of Financial Crime Compliance report: ➡️bit.ly/4i2EUgN #TrueCostOfCompliance #Compliance #FCC

🇬🇧 This review sets out FCA findings on how effectively firms are following its current Guidance on the treatment of politically exposed persons (PEPs) for anti money-laundering purposes. #PEPs