30 years: Credit & banking
In the second video of this two-part video series, we will look at the groups, organisations, regulations, and guidelines that have been developed by governments and financial institutions to assist in this.
In the second video of this two-part video series, we will look at the groups, organisations, regulations, and guidelines that have been developed by governments and financial institutions to assist in this.
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7 mins 4 secs
Governments across the globe have been coordinating for several decades on rules and regulations relating to financial crime. This video discusses these regulations, laws and guidance and the four groups they fall into.
Key learning objectives:
Understand the 4 main groups that money laundering regulations and laws fall into
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Within this group, there are two types of international organisations that seek to combat financial crime:
Every economically developed country has adopted, to varying degrees, financial crime laws. The UK, the primary relevant criminal legislation is contained in:
Most nations have regulators that will issue guidance that assists financial institutions in setting up policies and procedures that will assist in their and their employee’s complying with financial crime law such as the FCA in the UK. The FCA handbook sets forth the requirements that firms must follow regarding systems and controls to prevent financial crime.
In some countries, industry groups provide more tailored and practical advice to their members. The Joint Money Laundering Steering Group (JMLSG) in the UK has published Guidance Notes. The JMLSG has been formed by trade associations from several financial industries, including banks, building societies, insurance, venture capital and financial advisors. Although this is not legally binding, it is approved by the UK Treasury as a baseline for compliance for firms. In EU countries, guidance comes from EU supervisory bodies such as: The European Banking Authority (EBA), The European Securities and Markets Authority (ESMA) and The European Insurance and Occupational Pensions Authority (EIOPA)
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