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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-07-18T20:39:00
The U.K.’s Financial Conduct Authority (FCA) asked banks and financial institutions “to do more” to ensure that U.K lawmakers and their families are not treated unfairly.
On Thursday, the FCA released a review of findings on how effectively firms are following its guidance on the treatment of politically exposed persons (PEPs) for anti-money laundering (AML) purposes. The FCA’s definition of PEPs are lawmakers, close family members, and close associates whose position puts them at higher risk of using financial tools to facilitate money laundering.
The FCA first announced that it would review financial institutions’ treatment of PEPs in September in response to the Nigel Farage “debanking” scandal, in which NatWest subsidiary Coutts closed the U.K. politician’s investment accounts potentially over his right-wing political views.
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
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.
2024-08-15T17:44:00Z By Ruth Prickett
The U.K Financial Conduct Authority published findings showing that financial services firms are implementing its guidance on politically exposed persons related to anti-money laundering inconsistently, with experts warning firms of reputational damage arising from potential enforcement.
2024-08-14T17:44:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority fined a Cyprus-based trading company more than 276,000 pounds (U.S. $354,000) for unfair customer treatment and providing unauthorized investment advice.
2024-09-04T14:15:00Z By Ruchi Kumar, CW guest columnist
Enforcement actions in the first half of of 2024 by the Treasury Department’s Financial Crimes Enforcement Network highlight the importance of proactive measures in Bank Secrecy Act compliance rather than just being compliant.
2024-08-12T17:28:00Z By Aaron Nicodemus
Manfred Bekeris, chief compliance officer at cypto peer-to-peer network Paxful, sat down with Compliance Week to talk about joining the company shortly before its former chief operating officer and co-founder pled guilty to violating the Bank Secrecy Act.
2024-08-01T17:01:00Z By Aaron Nicodemus
The International Police Organization will launch a pilot anti-money laundering initiative in Africa that will trace and recover funds stolen by corrupt officials and criminals.
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