By Ruth Prickett2024-08-15T17:44:00
The U.K Financial Conduct Authority (FCA) published findings showing that financial services firms are implementing its guidance on politically exposed persons (PEPs) related to anti-money laundering (AML) inconsistently, with experts warning firms of reputational damage arising from potential enforcement.
The FCA said in a review last month that financial institutions need “to do more” to ensure that U.K lawmakers and their families are not treated unfairly, with all firms needing “to check that their policies, procedures and controls are in line with our guidance,” the U.K. regulator said in a July 18 press release.
Firms should also expect guidance revisions to reflect changes to Money Laundering Regulations (MLR), which came into effect in January. A consultation on clarifications to the guidance on PEPs will close in October.
2025-07-16T20:11:00Z By Oscar Gonzalez
Delta Air Lines agreed to pay $8.1 million over allegations it violated the False Claims Act by exceeding employee compensation limits it agreed to when taking federal pandemic aid money.
2024-12-19T16:17:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority apologized to investors in peer-to-peer investment firm Collateral for not acting swiftly enough to prevent Collateral from defrauding its customers.
2024-09-06T12:00:00Z By Ruth Prickett
The U.K. has an ongoing problem with money laundering, but recent changes to economic crime law and corporate registration requirements could bring more cases to court, according to consultancy KPMG.
2025-06-26T18:40:00Z By Aaron Nicodemus
Three Mexican financial institutions will be barred from transacting with U.S.-based banks after a U.S. Treasury agency determined that the institutions allowed their networks to aid the illegal fentanyl trade of Mexican criminal organizations.
2025-03-18T16:56:00Z By Aaron Nicodemus
The U.S. Treasury’s effort to dramatically narrow the focus of the Corporate Transparency Act through “emergency” rulemaking would gut the law’s anti-money laundering efforts, a transparency expert said.
2025-03-11T16:46:00Z By Aaron Nicodemus
Two senators behind the Corporate Transparency Act have demanded that U.S. Treasury Secretary Scott Bessent justify his suspension of one of the law’s anti-money laundering requirements.
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