Round Up quarter four 2020

regulatory | 3 threesixty FCA moves the first firms from GABRIEL to the RegData platform The FCA has issued an update on the new data collection platform, RegData. The first tranche of firms will be moved fromGABRIEL to RegData over the weekend of 17 and 18 October. Approximately 52,000 firms will be moved over in stages, based on their reporting requirements The FCA has not published the criteria being used to determine a firm’s moving date. However, firms will be contacted directly as follows: • Three weeks before moving date - email notification to every user of GABRIEL in the firm • Five days before moving date - email reminder to every user of GABRIEL in the firm • The day before moving date - final email reminder • Confirmation that your firm and its users have been moved to RegData The FCA stresses that firms should not worry if this transition does not occur this year as this phased transition process will take several months. Please continue to report via GABRIEL using your existing login details if your firm has not yet been moved. Earlier this year the FCA asked firms to register for RegData when next signing into GABRIEL. The GABRIEL system itself should have prompted users to do this. If you have not yet done this, or your firm has only recently become authorised, please complete a one-off registration process the next time you log into GABRIEL. We will continue to support firms through this transition by providing our usual review service and online step-by-step guidance. If you have added us as a user, we will continue to be able to access your GABRIEL records. This will also be the case with RegData and we will notify you if there is a need to amend your threesixty user record to facilitate this. Please contact us at: compliance@threesixtyservices.co.uk if you have any questions. How UK firms are affected by the 6th Money Laundering Directive The text of Directive 2018/1637 on combatting money laundering by criminal law (The 6th Anti- Money Laundering Directive) was published by the EU in October 2018. EU member states have until 3 December 2020 to implement this Directive (6AMLD) into national law. All relevant firms within member states must implement the changes by 3 June 2021. Although the 6AMLD must be implemented in EU member states by 3 December 2020 (before the end of the Brexit transitional period) the UK has opted out of complying with 6AMLD on the basis that UK legislation is already largely compliant with the Directive’s measures and often goes much further. Following the end of the Brexit transition period, it's possible that at some stage, the UK may introduce measures to remain aligned with EU anti-money laundering legislation but this would need to follow the usual UK legislative process before implementation. Implications for UK firms trading in or providing services to the EU The UK formally left the European Union on 31 January 2020, and the transition period for exit is due to end on 31 December 2020. To continue providing services to EEA clients you'll need to be appropriately authorised to undertake business in the countries where your clients are based. Member states who have transposed the 6AMLD into their national legislation will have jurisdiction if a money laundering offence is committed, wholly or partly within its territory or if the person committing the offence is a EU national. If your firm operates in Europe, it would be prudent to be familiar with the provisions in the 6AMLD and any regulatory obligations applicable in the member states you do business in/with that may apply to your firm as a result. A summary of the key changes i s available via our website. threesixty is unable to provide guidance on the regulatory requirements applicable in other EU states.