Since our last publication, Law Commission says anti-money laundering laws should focus on ‘most suspicious activity’, FCA Approach to Consumers and Discussion Paper on Duty of Care to provide additional protections for consumers and more. 

UK 

Law Commission says anti-money laundering laws should focus on ‘most suspicious activity’

The Law Commission has launched a consultation seeking views in its proposals to streamline and strengthen anti-money laundering laws to help banks and businesses provide better information to law enforcement agencies and help refocus attention on the most suspicious activity. The Law Commission proposes a number of measures to improve the law including in relation to statutory guidance and record keeping requirements. The consultation closes on 5 October 2018.

Law Commission, 20 July 2018

FCA Approach to Consumers and Discussion Paper on Duty of Care to provide additional protections for consumers

The FCA published an Approach to Consumers document to set out the measures it will take to protect consumers and how the organisation takes action. In addition, the FCA also published a new discussion paper on whether a new duty of care towards consumers would enhance good conduct and culture and provide additional protections for consumers.

FCA, 17 July 2018

Worldwide 

Commission updates European Code of Good Conduct for Microcredit Provision

The European Commission will update the European Code of Good Conduct for Microcredit Provision in order to reflect evolving market realities and encompass the full diversity of the microfinance space and its actors.

European Commission, 19 July 2018