View more on these topics

Govt to cut anti-money laundering red tape for banks


The Government is looking to reduce the burden of the anti-money laundering regime on banks.

It has launched a review which aims to improve the effectiveness of anti-money laundering and terrorist financing rules as part of its drive to cut red tape.

The Government says businesses have expressed concerns that the rules and proof of identity requirements can be “unnecessarily cumbersome and complicated”.

It says there is also confusion and inconsistency over how the regime should be applied.

Business secretary Sajid Javid says: “We are committed to saving businesses a further £10bn in red tape.

“This new review is about making sure the rules we have to protect our strong financial services industry from abuse are not unintentionally holding back new and existing British business. I want firms to come forward and tell us where regulation is unclear or its enforcement ineffective.”

The review is seeking evidence on the approach of the FCA and HM Revenue & Customs in supervising the anti-money laundering regime, as well as examples of where enforcement and supervision is not proportionate to the risks posed.

The call for evidence closes on 23 October.


Axa brings £22bn multi-manager assets in-house

Axa has brought its multi-manager investment offerings in-house under Axa Wealth’s Architas business. The group has put the €30bn (£22bn) multi-manager assets together, grouping the Architas business with the private management businesses in France and Belgium. The Axa Investment Managers multi-manager business has already been brought into Architas. Axa Wealth chief executive Mike Kellard says: “Architas […]


European stocks fall as markets lose confidence in China recovery

European markets have ended their worst month in years thanks to the China fallout, as markets continue to lose confidence that the country can bounce back. August saw the worst data for the European market since August 2011. The FTSEurofirst 300 ended the month down 9.1 per cent, while the German Dax was down slightly more at 9.4 per […]


Should investors stick with Nimmo’s SLI small-cap fund?

Investors should not dismiss the £1.16bn Standard Life UK Smaller Companies fund as long as manager Harry Nimmo “sticks to his guns”, despite recent poor performance and a downgrade by Morningstar. The fund was downgraded by Morningstar last week from gold to silver amid concerns about fees and performance. After a hike of 10 basis […]


Govt agrees to reword EU vote question

The Government has agreed to change the wording of the European Union independence referendum question. The vote was put in law by the EU Referendum Bill earlier this year, with the British public set to be asked “should the United Kingdom remain a member of the European Union?”. The referendum will be held by the […]

In Focus Ebola cover - thumbnail

White paper — In Focus: Ebola Virus Disease

Jelf Employee Benefits focuses on Ebola Virus Disease (EVD) and what this means for businesses with operations in West Africa. This will be of particular interest to those with employees either travelling to, or living within, West Africa, the area affected by the most catastrophic outbreak of Ebola to date.


News and expert analysis straight to your inbox

Sign up


    Leave a comment