Financial Crime

Issue 1106 / 22 April 2021

Overview

  • Contingent Reimbursement Model Code for Authorised Push Payment scams – Lending Standards Board publishes updates
  • Trade finance sectoral guidance – JMLSG publishes proposed revisions for consultation

Lending Standards Board

Contingent Reimbursement Model Code for Authorised Push Payment (APP) scams – Lending Standards Board publishes updates – 20 April 2021

The Lending Standards Board (LSB) has published an updated version of the Contingent Reimbursement Model Code (the Code) for APP scams, following their full review of the Code published in January 2021.

The updates include the introduction of governance and oversight requirements to support both the embedding of the Code within the culture of firms and ongoing oversight of the Code’s requirements. These provisions will be effective from 14 June 2021.

Amendments have also been made in respect of the no-blame funding pot to clarify that firms can self-fund no-blame scam cases. These amendments are effective immediately.

The LSB also published a roadmap in March 2021 outlining the activity it intends to undertake to complete the final updates to the Code as part of its review. This includes a call to input on specific topics for which there was insufficient evidence submitted to enable it to form policy decisions. The deadline for responses to the call is 26 May 2021.

Lending Standards Board updated publication: The Contingent Reimbursement Model Code for Authorised Push Payments Scams

Press Release

Joint Money Laundering Steering Group

Trade finance sectoral guidance – JMLSG publishes proposed revisions for consultation – 20 April 2021

The Joint Money Laundering Steering Group (JMLSG) has published for consultation proposed revisions to Sector 15 (trade finance) in Part II of its anti-money laundering and counter-terrorist financing guidance for the financial services sector.

The consultation closes on 18 June 2021.

JMLSG proposed revisions

Press Release