Updates: Economic Crime Supervision Handbook
2024
removed links
Regulation 11 - Auditors and others
Links added further reading Regs 18, 19, 28.
Regulation 12 - Independent legal professionals and trust or company service providers
Further Reading links added Regs 18,19,28.
Regulation 13 - Estate agents and letting agents
Further reading links added Reg 27, 28, 35
Regulation 18 - Risk assessment by relevant persons
Further reading links added to Reg 19 and 28.
Regulation 76 - Power to impose civil penalties: fines and statements
Further reading internal guidance references added.
Regulation 21 - Internal controls
checked links
Regulation 19 - Policies, controls and procedures
checked links
Regulation 18 - Risk assessment by relevant persons
Further reading links added
Regulation 76 - Power to impose civil penalties: fines and statements
Note re Sch 3ZA added
Regulation 12 - Independent legal professionals and trust or company service providers
Further reading links added.
Customer due diligence: general: contents
Regulation 30 added to contents
Regulation 10 - Credit institutions and financial institutions
Further Reading links to Reg 30 and 37 added
Schedule 3ZA - High-Risk Third Countries
FATF list of High-risk Countries and other monitored jurisdictions "HERE" added
Regulation 11 - Auditors and others
FAQs added
Updated links in further reading
Regulation 37 - Application of simplified customer due diligence
REMOVED KNOWLEDGE LIBRARY LINK AS WON'T PUBLISH
Regulation 31 – Requirement to cease transactions etc
removed link that doesn't work
Regulation 27 - Customer due diligence
added links to further reading
Regulation 26 - Prohibitions and approvals
amended links
Regulation 50 - Duty to cooperate
redacted internal guidance
Regulation 69 - Entry, inspection of premises without a warrant etc
information redacted
Regulation 60 - Cancellation and suspension of registration in a register under regulation 54 and 55
redacted guidance as it mentions colleagues details.
Regulation 57 - Applications for registration in a register maintained under regulations 54 and 55
replaced links
Customer due diligence: general: contents
Regulation 28 added to contents
Regulation 40 - Record-keeping
updated links
Part 3 - Customer Due Diligence: contents
Content links added
Regulation 28 - Customer due diligence measures
page links added Further Reading
Regulation 30 - Timing of verification
links added further reading
Ownership and Management Restrictions: content
page link reg 26 added
Regulation 63 - Duties of transfer of funds supervisory authorities
content added to page
Regulation 52- Disclosure by supervisory authorities and other relevant authorities
content added to page
Part 1 - Introduction: contents
Regulations 6 & & page added
Page links added
Regulation 83 - The Commissioners: disciplinary measures (procedure)
links removed as they don't work
Regulation 69 - Entry, inspection of premises without a warrant etc
removed SharePoint links
Regulation 50 - Duty to cooperate
Content added
Regulation 78 - Power to impose civil penalties: prohibition on management
added content to page
Schedule 3 - Relevant Offences
added links
Regulation 51 - Regulatory information
new content added
Regulation 62 - Transfer of funds supervisory
content added to page
Schedule 3 - Relevant Offences
added links
Regulation 77 - Power to impose civil penalties: suspension and removal of authorisation
Content Added
Regulation 81 - The FCA: disciplinary measures (procedure)
Content Added
Regulation 82 - The FCA: procedure (general)
Content Added
Regulation 83 - The Commissioners: disciplinary measures (procedure)
Content Added
Regulation 76 - Power to impose civil penalties: fines and statements
Content Added
Regulation 75 - Meaning of "relevant requirement"
Content Added
Regulation 61 - Interpretation
Content added
Enhanced customer due diligence: contents
add content to contents page
Customer due diligence: general: contents
content added to contents page
Simplified customer due diligence: contents
content added to contents page
Regulation 46A - Annual reports by self-regulatory organisations
Content Added
Regulation 48 - Duties of the FCA: guidance on politically exposed persons
Content Added
Regulation 49 - Duties of self-regulatory organisations
Content Added
content added
content added
Civil penalties and notices: contents
content added
Criminal offences, penalties and proceedings etc: contents
content added
Decisions of the FCA: contents
content added
Regulation 40 - Record-keeping
Content Added
content added
Customer due diligence: general: contents
add content
Enhanced customer due diligence: contents
content added to contents page
Regulation 35 - Enhanced customer due diligence: politically exposed persons
title change
Customer due diligence: general: contents
content added
content added
content added
Part 7 - Transfer of Funds (Information on the Payer) Regulations: contents
content added
Transfer of funds (Information on the payer) Regulations: contents
content added
Part 8 - Information, Investigations and Directions: contents
content added
Information, Investigation and Directions: contents
content added
Part 6 - Money Laundering and Terrorist Financing: Supervision and Registration: contents
content added
Duties of supervisory authorities: contents
content added
Disclosure obligation: contents
content added
Part 6 - Money Laundering and Terrorist Financing: Supervision and Registration: contents
content added to contents page
content added
added page to contents
Customer due diligence: general: contents
add content
Reliance and Record-keeping: contents
content added
Part 4 - Reliance and Record Keeping contents
content added
Beneficial Ownership Information: contents
content added
Part 5 - Beneficial ownership Information: contents
content added
amend links
add content to contents page
Regulation 10 - Credit institutions and financial institutions
added link to content
Customer due diligence: general: contents
add contents to content page
to add content to the contents page
Economic Crime Supervision Handbook
added content to the contents page
Amended the first paragraph
add content page
Economic Crime Supervision Handbook
add content page
links added
Financial Services and Markets Act 2000
links added
add link
Economic Crime Supervision Handbook
add contents
MLR relevant requirements: contents
add contents
add content
Part 1 - Introduction: contents
change content
Regulation 5 - Meaning of a beneficial owner: bodies corporate or partnership
amend title
Economic Crime Supervision Handbook
Add new content ECSH63150
Part 1 - Introduction: contents
content added
Regulation 2 - Prescribed Regulations
Content amended
Sanctions for non-compliance: financial penalties: financial penalties framework: scale charge table
Table amended 4,000 to 4,999 changed from £80,000 to £70,000.
5,000 to 5,999 changed from £90,000 to £80,000.
Sanctions for non-compliance: financial penalties: financial penalties framework: introduction
Inserted: This financial penalty framework is effective from 1 April 2020 at the start of first paragraph.
added, transactions or end users in stage 1 paragraph.
2023
Sanctions for non-compliance: sanctions framework: determining an appropriate sanction
Linked ECSH 82525 to 4th bullet first paragraph.
Third column added to table - Date registration required from
Accountancy Service Providers (ASPs) added.
Sanctions for non-compliance: sanctions framework: sanctions framework
Insert 3rd paragraph 'The DM must not issue a penalty if the business had taken all reasonable steps and exercised all due diligence to comply with the relevant requirement. See ECSH 82525'
Sanctions for non-compliance: sanctions framework: determining an appropriate sanction
4th bullet amended to include and failed to exercise all due diligence.
Added sentence If the DM does not have this information, it is unlikely that they will be able to progress with a sanction
Sanctions for non-compliance: warning letters
Insert 3rd paragraph 'It must also specify the relevant period of the contravention(s) covered by the warning letter'. Inserted Link to ECSH 82850.
Sanctions for non-compliance: financial penalties: imposing a financial penalty
Added link to ECSH 82525 end of 3rd paragraph
Sanctions for non-compliance: financial penalties: financial penalties framework: introduction
Added 2nd paragraph
Sanctions for non-compliance: financial penalties: financial penalties framework: scale charge table
Removed 'for relevant clients subject to the breach' from title and short title
Amended table heading to include Transactions/End Users
Sanctions for non-compliance: introduction - sanctions
Money Laundering Regulations 2017 (MLR 2017) replaced with The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
Sanctions for non-compliance: introduction - sanctions
and a suspension or cancellation of registration might also be appropriate in these circumstances. - suspension or cancellation linked to 83575
Sanctions for non-compliance: warning letters
Where breaches have been identified an advice letter should not be issued. - advice letter linked to 81500
Sanctions for non-compliance: prohibition on management: introduction
knowingly concerned linked to 82840
All contents under the heading Exceptional Basis removed.
Content under Accuracy and compliance checks has been added.
Sanctions for non-compliance: sanctions framework: sanctions framework
82000 changed to 82000 Warning letter
82500 changed to 82500 Financial penalties
83500 changed to 83500 Suspension and cancellation
84000 changed to 84000 Censuring statements
84500 changed to 84500 Injunctions
Sanctions for non-compliance: financial penalties: definitions
Regulation 83 changed to a link to Regulation 83
Schedule 6 changed to a link to Schedule 6
Sanctions for non-compliance: financial penalties: financial penalties framework: introduction
82575 changed to a link
Sanctions for non-compliance: suspension and cancellation: introduction
Reg 54 changed to a link to Reg 54
Reg 55 changed to a link to Reg 55
Sanctions for non-compliance: financial penalties: calculating the amount of a financial penalty
Guidance amended from Trust and Company Service Providers to Trust or Company Service Providers.
Bracket added end of sentence for Type 1 and Type 2 breaches.
Guidance amended so that 'Trust and Company Service Providers (TCSP)' is now 'Trust or Company Service Providers (TCSP)'