Due diligence is the assessment, investigation and review of a product, service, business, individual or third-party. It involves validating those with whom organisations form a working relationship in order to ensure that they are verified and suitable. Due diligence is one of the foundations of any business and is mandatory in many regulated sectors. In […]
What is a Conflict of Interest? A conflict of interest as it relates to business, is defined as an action or relationship that may impair the ability to make an objective and/or fair decision. This conflict can arise from the impairment of an individual employee or as a business activity. A conflict of interest in […]
Having adequate, effective and compliant policies, procedures and training workshops on what makes a customer vulnerable, how to identify them and how to communicate effectively is not only a mandatory FCA requirement, but also an essential business practice. It is even more important in times of national crisis, such as the current pandemic, to ensure […]
With amendment upon amendment of some on the UK’s legislation recently, it is easy to understand why some organisations are confused about which verison of the regulations they should be following. A classic example is the The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR17) which implemented the […]
SMCR implementation does not have to be complex or expensive. Know Your Compliance Limited were the first company to develop FCA policies, procedures and manuals; offering our services and documents before the FCA took over regulation in this area. Our SMCR Toolkit has been designed to meet the regimes solo-regulated firm obligations and covers the core, […]
Under the FSMA, the FCA were given powers to write Conduct Rules that would apply to most of the employees within a firm. Applied to the banking sector in 2016, the FCA have now extended the Senior Managers Regime to apply to all solo-regulated firms from 9th December 2019. The enforceable Conduct Rules set out […]
The Senior Managers and Certification Regime (SMCR) replaced the Approved Persons Regime (APR) for solo-regulated firms from 9th December 2019. Firms with obligations under the SM&CR have until 9th December 2020 to ensure: – all relevant staff are trained on the Conduct Rules and how they apply to their roles all staff in certified roles […]
Carrying out effective and compliant due diligence is not just for businesses with obligations under the Money Laundering Regulations 2017 or for those authorised or supervised by the FCA or HMRC. Most firms will be required to complete due diligence on suppliers, customers and/or employees to meet business and sometimes legal obligations. It is essential […]