First national risk assessment of money laundering and terrorist financing risks undertaken in UK
HM Treasury and the Home Office launched the UK’s first national risk assessment (NRA) of money laundering and terrorist financing risks. The NRA was intended to provide an evidence base to help the Government assess the effectiveness and proportionality of current requirements and the application of the risk-based approach by supervisors and firms. The NRA also formed part of the implementation by the UK of the Financial Action Task Force Standards.
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European Parliament adopts position on 4th AML Directive
One of the changes anticipated in the 4th European Anti-Money Laundering Directive is a new requirement for all body corporates and trusts to hold, and make available on request, information on their beneficial ownership. We were brought a step closer to this on 11 March 2014 when the European Parliament endorsed the creation of public registers to contain information on who really owns companies, trusts and other legal structures.
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European Parliament approves its version of MiFID 2, MiFIR
In what was a busy day for financial services legislative proposals, the European Parliament adopted its position on the second Markets in Financial Instruments Directive (MiFID 2) and the accompanying Regulation (MiFIR) at first reading on 15 April. If the EU Commission intends to amend the proposals substantially or replace them with another text, they will be referred back to the Parliament, but otherwise are being referred to the Council and Commission for finalisation and publication in the Official Journal.Click here to download the parliament-approved texts of MiFID 2 and MiFIR.
ECB to gain sanctioning powers over Irish banks, but not Irish bankers
In a sign of how complicated the world of financial regulation has become in Ireland, the European Central Bank (ECB) has issued a recommendation to the EU Council seeking an amendment in its powers to issue administrative sanctions in preparation for its expanded role as the supervisor of Ireland’s banks. This means that, from November 2014, both the ECB and the Central Bank of Ireland may sanction firms.
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European Long-Term Investment Funds: Compromise Proposal published
Click here to download draft compromise proposal of Regulation
On 24 April 2014, the EU Council of Ministers published a compromise proposal for the draft European Long-Term Investment Funds ("ELTIF") Regulation. ELTIFs are closed-ended funds to provide finance to various infrastructure projects or unlisted companies of lasting duration that issue equity or debt instruments for which there is no readily identifiable buyer. ELTIFs are thought to be attractive to pension administrators, insurance companies and other entities that face regular and recurrent liabilities. ELTIFs are also touted by politicians as means to finance social infrastructure, sustainable energy initiatives and SME growth.
ECB issues Regulation on the SSM Framework
Click here to download SSM Framework Regulation
The European Central Bank (ECB) has published the Single Supervisory Mechanism (SSM) Framework Regulation. This Framework Regulation builds on the delegation in the 2013 SSM Regulation (Council Regulation (EU) No 1024/2013 of 15 October 2013) which appoints the ECB to take over as supervisor of euro area banks in November 2014.
The 2013 SSM Regulation requires that significant banks will be subject to direct supervision by the ECB as opposed to the national regulators. The procedure for determining what banks are 'significant' is set out in Part IV of this new Framework Regulation. The determination of which banks are to be treated as significant is due to be announced in September 2014.
May - June 2014
|1st May, Thurs||The Role of the Compliance Officer - for Insurance Firms, Full Day|
|7th May, Wed||AML in Practice: Implementation of Current Legislation & Guidance, Brief|
|13th May, Tues||Corporate Governance, Half Day|
|14th May, Wed ||Consumer Protection Code - Advertising Requirements, Half Day|
|15th May, Thurs ||Implementing USITS IV, Half Day|
|20th May, Tues||Implementing the Directive for Alterhative Investment Fund Managers (AIFM), Half Day|
|21st May, Wed||Payment Services Directive, Brief|
|27th May, Tues||Compliants Handling & Treating Customers Fairly, Half Day|
|28th May, Wed||Anti-Money Laundering Refresher Course, Brief|
|29th May, Thurs||Directors Training - Anti-Money Laundering/Counter Terrorist Financing, Brief|
|4th June, Wed||Ethics, Brief|
|5th June, Thurs||Introduction to Financial Services Regulation in Ireland, Half Day|
|10th June, Tues||Implementing Fit & Proper in your Business, Brief|
|10th June, Tues||PRISM, Lunch Brief|
|11th June, Wed||Understanding Funds in Ireland, Half Day|
|12th June, Thurs||Directors Duties and Corporate Governance, Full Day|
|17th June, Tues||Developments in MiFID 2, Brief|
|18th June, Wed||Consumer Protection Code 2012, Half Day|
|19th June, Thurs||Data Protection & How to Conduct a Data Protection Audit, Full Day|
|24th June, Tues||Central Bank Inspections & Enforcement, Half Day|
|25th June, Wed||Risk-Based Compliance Monitoring for Financial Institutions, Full Day|
|26th June, Thurs||Anti-Money Laundering/Counter Terrorist Financing, Full Day|
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Invitation to Workshop Seminar
Credit Union Manager & MLRO Half Day Workshop
Anti-money Laundering is an enforcement priority for the Central Bank of Ireland in 2014. We have already had three Settlement Agreements for failures in Anti-money Laundering controls, including one for a Credit Union. This practical half-day workshop will provide you and your Credit Union with the tools required to ensure that you are compliant with the required areas of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 as amended. The workshop will cover the following areas:
Click Here to book and further information on this Workshop Seminar