CCR Magazine

CCRi banner ad
You are here  :Home arrow News arrow MLD4; smaller firms risk nasty shocks from the regulator
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines


Commercial Credit News


MLD4; smaller firms risk nasty shocks from the regulator PDF Print E-mail
Tuesday, 27 June 2017
Today is the implementation date for the fourth EU Money Laundering Directive (MLD4); time to see if preparations are up to scratch or whether a flurry of FCA fines will be issued. John Marsden, Head of ID and Fraud at Equifax comments:  “The rise in high profile fines for failing to maintain money laundering defences proves that this issue is a key regulatory priority. Financial penalties for big players have pushed other industry giants to get their anti-money laundering procedures in shape. Aware that they’ll be in the FCA’s firing line, many big financial institutions will be ready to face a regulatory assessment of their MLD4 compliance processes.

“The same can’t be said for smaller firms, where many have been slower on the regulation uptake. It’s arguably unfamiliar territory for the FCA to hone in on smaller businesses, but with anti-money laundering so high on the agenda economically and politically, this time could be different. While a traditional approach would target the bigger banks, smaller financial institutions could be subject to a series of warning shots in the form of audits, investigations and sanctions, should the regulator suspect they are failing to comply with MLD4. As a final step, a hefty fine could be issued which would have a significant financial impact on smaller businesses.

“The UK will remain under the spotlight for domestic and international corruption, and regulated firms of all sizes need to ensure their protocols match the regulatory requirements. Companies have had ample time to accept and prepare for their role in the fight against money laundering as it continues to damage the UK economy. If they can’t demonstrate their compliance they risk significant financial and reputational damage. MLD5 is set to go ahead next year, heralding further changes – companies must ensure they don’t fall behind in their responsibility to tackle financial crime.”
3 October - Guoman Tower Hotel, Central London 

CCRInteractive, in association with Marston Holdings , is the largest and leading one-day conference from the publishers of CCRMagazine – a truly national and international event for the credit industry.

This landmark event allows delegates to: Learn best practice of how to increase profitable sales in today’s economy. Understand the key compliance issues and how they will impact upon you. Discuss the legislative and regulatory framework and how it will effect you. Consider the potential effects of Brexit on your business. Discover the latest innovations in the market to improve your collections. Motivate your staff to achieve ever improved results.

To book to attend in 2017, contact Stephen Kiely  or Alison Lucas. To find out more about being part of this landmark event, please contact Gary Lucas

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

The Credit Excellence Awards


Tuesday 3 October - Guoman Tower Hotel, Central London

Do not miss your chance to meet and network with the Winners and Finalists at the Credit Excellence Awards, in association with Hoist Finance.

To book your place to attend, please contact Alison Lucas.


CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road

Registered in England No: 05483197