Updates: Economic Crime Supervision Handbook
2024
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Regulation 93 - Appeals against decisions of the FCA
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Regulation 94 - Offer of review
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Regulation 95 - Review by the Commissioners
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Regulation 96 - Extension of time
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Regulation 97 - Review out of time
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Regulation 98 - Nature of review etc
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Regulation 103 - Obligations on public authorities
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Regulation 104 - Suspicious activity disclosure
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Regulation 104A - The United Kingdom's financial intelligence unit
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Regulation 105 - Disclosure by the Commissioners
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Schedule 1 - Professional Bodies
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Schedule 4 - Supervisory Information
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Schedule 5 - Connected Persons
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Schedule 6 - Meaning of "relevant requirement"
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Schedule 6A - The United Kingdom's Financial Intelligence unit
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Schedule 7 - Consequential Amendments
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Regulation 38 - Electronic money
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Regulation 60 - Cancellation and suspension of registration in a register under regulation 54 and 55
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Regulation 61 - Interpretation
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Regulation 64 - Obligations of payment service providers
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Regulation 66 - Power to require information
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Regulation 69 - Entry, inspection of premises without a warrant etc
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Regulation 75 - Meaning of "relevant requirement"
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Regulation 76 - Power to impose civil penalties: fines and statements
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Regulation 77 - Power to impose civil penalties: suspension and removal of authorisation
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Regulation 78 - Power to impose civil penalties: prohibition on management
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Regulation 83 - The Commissioners: disciplinary measures (procedure)
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Regulation 84 - Publication: the FCA
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Regulation 4 - Meaning of business relationship
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Regulation 30 - Timing of verification
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Regulation 10 - Credit institutions and financial institutions
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Regulation 40 - Record-keeping
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Regulation 46A - Annual reports by self-regulatory organisations
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Regulation 48 - Duties of the FCA: guidance on politically exposed persons
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Regulation 49 - Duties of self-regulatory organisations
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Regulation 50 - Duty to co-operate
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Regulation 52- Disclosure by supervisory authorities and other relevant authorities
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Regulation 53 - Interpretation
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Regulation 57 - Applications for registration in a register maintained under regulations 54 and 55
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Regulation 58 - Fit and proper test
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Regulation 26 - Prohibitions and approvals
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Schedule 3 - Relevant Offences
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Regulation 18 - Risk assessment by relevant persons
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Regulation 59 - Determination of applications for registration under regulations 54 and 55
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Regulation 62 - Transfer of funds supervisory
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Regulation 63 - Duties of transfer of funds supervisory authorities
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Regulation 27 - Customer due diligence
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Regulation 31 - Requirement to cease transactions
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Customer due diligence: general: contents
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Duties of supervisory authority: contents
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ECSH32000 - How we check compliance
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Regulation 28 - Customer due diligence measures
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Roles and responsibilities - Role of a caseworker
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Duties of supervisory authority: contents
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Introduction – supervisors under the MLRs
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ECSH 64005 added to list
Added Reg 56A
Schedule 3 - Relevant Offences
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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
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Regulation 19 - Policies, controls and procedures
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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
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Regulation 27 - Customer due diligence
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Regulation 26 - Prohibitions and approvals
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Regulation 50 - Duty to cooperate
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Regulation 69 - Entry, inspection of premises without a warrant etc
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Regulation 60 - Cancellation and suspension of registration in a register under regulation 54 and 55
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Regulation 57 - Applications for registration in a register maintained under regulations 54 and 55
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Customer due diligence: general: contents
Regulation 28 added to contents
Regulation 40 - Record-keeping
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Part 3 - Customer Due Diligence: contents
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Regulation 28 - Customer due diligence measures
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Regulation 30 - Timing of verification
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Ownership and Management Restrictions: content
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Regulation 63 - Duties of transfer of funds supervisory authorities
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Regulation 52- Disclosure by supervisory authorities and other relevant authorities
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Part 1 - Introduction: contents
Regulations 6 & & page added
pages linked to index
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Regulation 83 - The Commissioners: disciplinary measures (procedure)
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Regulation 69 - Entry, inspection of premises without a warrant etc
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Regulation 50 - Duty to cooperate
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Regulation 78 - Power to impose civil penalties: prohibition on management
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Schedule 3 - Relevant Offences
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Regulation 51 - Regulatory information
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Regulation 62 - Transfer of funds supervisory
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Schedule 3 - Relevant Offences
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Regulation 77 - Power to impose civil penalties: suspension and removal of authorisation
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Regulation 81 - The FCA: disciplinary measures (procedure)
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Regulation 82 - The FCA: procedure (general)
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Regulation 83 - The Commissioners: disciplinary measures (procedure)
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Regulation 76 - Power to impose civil penalties: fines and statements
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Regulation 75 - Meaning of "relevant requirement"
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Regulation 64 - Obligations of payment service providers
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Regulation 69 - Entry, inspection of premises without a warrant etc
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Regulation 61 - Interpretation
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Enhanced customer due diligence: contents
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Customer due diligence: general: contents
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Simplified customer due diligence: contents
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Regulation 46A - Annual reports by self-regulatory organisations
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Regulation 48 - Duties of the FCA: guidance on politically exposed persons
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Regulation 49 - Duties of self-regulatory organisations
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Civil penalties and notices: contents
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Criminal offences, penalties and proceedings etc: contents
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Decisions of the FCA: contents
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Regulation 40 - Record-keeping
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Customer due diligence: general: contents
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Enhanced customer due diligence: contents
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Regulation 35 - Enhanced customer due diligence: politically exposed persons
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Customer due diligence: general: contents
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Part 7 - Transfer of Funds (Information on the Payer) Regulations: contents
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Transfer of funds (Information on the payer) Regulations: contents
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Part 8 - Information, Investigations and Directions: contents
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Information, Investigation and Directions: contents
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Part 6 - Money Laundering and Terrorist Financing: Supervision and Registration: contents
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Duties of supervisory authorities: contents
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Disclosure obligation: contents
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Part 6 - Money Laundering and Terrorist Financing: Supervision and Registration: contents
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Customer due diligence: general: contents
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Reliance and Record-keeping: contents
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Part 4 - Reliance and Record Keeping contents
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Beneficial Ownership Information: contents
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Part 5 - Beneficial ownership Information: contents
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Regulation 10 - Credit institutions and financial institutions
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Customer due diligence: general: contents
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Economic Crime Supervision Handbook
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Amended the first paragraph
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Economic Crime Supervision Handbook
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Financial Services and Markets Act 2000
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Economic Crime Supervision Handbook
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Economic Crime Supervision Handbook
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MLR relevant requirements: contents
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Part 1 - Introduction: contents
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Regulation 5 - Meaning of a beneficial owner: bodies corporate or partnership
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Economic Crime Supervision Handbook
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Part 1 - Introduction: contents
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Regulation 2 - Prescribed Regulations
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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
83000 changed to 83000 Prohibition on management
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
Regulation 83 changed to a link
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)'