PIMFA BULLETIN
PIMFA WEEKLY NEWS BULLETIN
21 August 2023
FCA: Expectations for UK Crypto-Asset Businesses Complying with the Travel Rule
From 1 September 2023, crypto-asset businesses in the UK will be required to collect, verify and share information about crypto-asset transfers, known as the ‘Travel Rule’.
The Financial Action Task Force (FATF) has called on other jurisdictions to swiftly implement the Travel Rule, which aligns practices for crypto-asset businesses sending and receiving transactions with those common in other areas of financial services. FATF also highlighted the challenges arising from delays in adoption and different timelines for enforcement of the Travel Rule across jurisdictions.
The FCA’s expectations for firms include:
• Take all reasonable steps and exercise all due diligence to comply with the Travel Rule.
• Firms remain responsible for achieving compliance with the Travel Rule, even when using third-party suppliers.
• Fully comply with the Travel Rule when sending or receiving a crypto-asset transfer to a firm that is in the UK, or any jurisdiction that has implemented the Travel Rule.
• Regularly review the implementation status of the Travel Rule in other jurisdictions and adapt business processes as appropriate.
The FCA has been working with industry, the Joint Money Laundering Steering Group (JMLSG) and HM Treasury (HMT), on guidance to help firms comply with the Travel Rule. Firms have until 25 August 2023 to input to the guidance
HM Treasury: Central Bank Digital Currency Taskforce
HM Treasury and the Bank of England have established the Central Bank Digital Currency (CBDC) Taskforce to coordinate the exploration of a potential UK CBDC.
The purpose of the Taskforce is to ensure a strategic approach to, and to promote close coordination between, the UK authorities as they explore CBDC.
The Taskforce is co-chaired by the Deputy Governor of the Bank of England, Jon Cunliffe, and HM Treasury’s Director General of Financial Services, Gwyneth Nurse. Click here for Central Bank Digital Currency Taskforce Terms of Reference.
In addition to the Taskforce, HMT and the Bank of England have established two new forums to engage key stakeholders (Engagement Forum) and technical experts (Technology Forum) through the process. Membership of the CBDC Engagement Forum can be accessed here
New PIMFA Guest Blogs
• Worksmart - What Did The IPSOS Consumer Duty Research Tell Us?
Director of Regulation Julie Pardy looks at what the FCA/IPSOS survey results say about firms' preparedness for Consumer Duty and what can be done to help.
• Financial Services Skills Commission (FSSC) - Coaching: The New Behaviour Taking Over The Workplace
CEO Claire Tunley discusses the findings of the FSSC's latest report, ‘Reskilling Everywhere All at Once,’ which places a spotlight on Coaching, a behaviour reported by their members as being most in demand and prioritised for investment.
PRESS RELEASES
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PRESS COVERAGE
IFA Magazine: PIMFA announces shortlist for 2023 Diversity & Inclusion Awards...
Business Telegraph: The Consumer Duty is Proving a Fintech Opportunity...
Citywire: Cold-calling ban should not hinder advisers’ new client...
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21 September | 09:00 - 17:00
PIMFA COMPLIANCE CONFERENCE
Hear from leading industry experts on the key issues facing compliance professionals in the investment management and financial advice world.
Bringing together a high-level audience who can engage with the experts, this conference will facilitate fruitful discussions with opportunity for questions and networking.
7 September | 11:00 - 12:00
PIMFA WEBINAR: HOW PIMFA FIRMS CAN SUCCESSFULLY TAKE THE WORRY, FRUSTRATION AND STRESS OUT OF THEIR CASS AUDIT (SESSION 2)
In this FREE 60-minute webinar former regulator and co-creator of The PIMFA CASS Academy Katharine Leaman dispels the myths that surround a successful CASS Audit and withstand scrutiny from regulators, auditors and senior managers.
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