Trouble viewing this email? Read it online


cummings-logo-2013 (2).jpg
 


Welcome to EQUITY ISSUES, a short note on a relevant issue in the private equity and venture capital industry.

If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.  

claire-cummings.jpg

Claire Cummings

020 7585 1406

claire.cummings@cummingslaw.com
www.cummingslaw.com


 

EQUITY ISSUES

FATF’s 2018 private sector consultative forum: FinTech and RegTech aspects


The Financial Action Task Force (FATF) recently published a press release providing a summary of issues discussed at its private sector consultative forum, held in Vienna on 23 and 24 April 2018.  The forum is designed to give private sector representatives the opportunity to engage directly with the FATF and its members on anti-money laundering (AML) and counter-terrorist financing (CTF) issues.  Two topics discussed as part of FATF’s ongoing FinTech/RegTech work are digital identification and crypto assets.

Participants met to discuss the private sector’s experience of using digital IDs to identify and verify their customers as part of the on-boarding process. Similarly, public and private sector representatives also met to discuss the regulatory landscape for crypto assets, and the extent to which the current FATF standards and guidance adequately address the recent developments in this area.

On digital identification, participants discussed the private sector’s experience of using digital IDs for the purpose of customer due diligence as part of the on-boarding process. General benefits of digital IDs were highlighted as well as the different challenges met (e.g. technology/security/risk management/data use). The discussion focused on the application of the FATF recommendations in a digital ID context, and sought to identify any potential need for clarification and/or change in the FATF recommendations to support the growing use of digital IDs for the conduct of the customer due diligence process by reporting entities.  

Regarding crypto assets, public and private sector participants discussed the regulatory landscape for crypto assets, and the extent to which the current FATF standards and guidance adequately address the recent developments in this area. In light of the diverse nature of the crypto landscape, participants noted the importance of clarifying the different definitions used, the need for a co-ordinated global approach, and the importance of the private and public sector continuing to engage on these issues.



 

This document is for general guidance only. It does not contain definitive advice.


block-divider.jpg

We   have taken great care to ensure the accuracy of this version of Equity Issues.   However, Equity Issues is written in general terms and you are strongly recommended to seek specific advice before taking any action based on the   information it contains. No responsibility can be taken for any loss arising from, action taken or refrained from on the basis of this publication. If you   would like to be removed from the mailing list of this publication please click unsubscribe below. Nothing within this communication may be copied, re-printed or similar without prior written permission from Cummings.

 

Authorised  and regulated by the Solicitors Regulation Authority. Please contact us if you would like to arrange a meeting. This message (including any attachments) from the law firm of Cummings is confidential and may contain information which is proprietary, privileged or otherwise legally protected against unauthorised use or disclosure. If you are not the intended recipient, please do not read, copy, distribute, disclose or otherwise use or place any reliance on any information in this message or any attachments; and please alert the sender by return e-mail, delete this message and any attachments from your system and destroy any hard copies. Neither Cummings nor the sender accepts liability for any corruption, interception or unauthorized amendment of messages or attachments transmitted by e-mail. It is your responsibility to scan this message and any attachments for computer viruses in accordance with good working practice. The firm is not authorised by the Financial Conduct Authority, but is authorised and regulated by the Solicitors Regulation Authority (for the code of conduct please see www.sra.org.uk/rules) and undertakes certain activities in relation to investments which are limited in scope and incidental to its legal services or which may reasonably be regarded as a necessary part of its legal services.

Cummings

Tel: + 44 20 7585 1406
Mob: + 44 7734 057 327

Cummings Law
42 Brook Street
London Greater London W1K 5DB
United Kingdom

www.cummingslaw.com

14 12 2018

 
 

Subscribe a friend | Unsubscribe

 

 

email sent by multimail

REPORT ABUSE