U.K. financial services firms still have potentially serious gaps in their financial crime controls, despite their assurances that they have beefed up their checks.
Neil Hodge
Neil Hodge is a freelance business journalist and photographer based in Nottingham, United Kingdom. He writes on insurance and risk management, corporate governance, internal audit, compliance, and legal issues for a wide range of publications in the United Kingdom and United States.
Posted inCulture
Corporate culture programs: What are the key points of failure?
The benefits of corporate culture programs have been recognized for some time: they contribute to better corporate governance, more effective risk management, and create a better environment for compliance.
Posted inRegulators
FCA appoints attachés to India, UAE as part of effort to boost U.K. financial services
The U.K.’s Financial Conduct Authority has appointed two financial services attachés in India and the UAE to help boost the regulator’s presence in key global financial markets and to drive investment into the UK economy.
Posted inData Privacy
Data regulator issues privacy guidance over smart devices
Companies that manufacture smart devices are set to face increased scrutiny from data regulators following concerns that most consumers are unaware of how they collect, use and sell their personal information.
Posted inArtificial Intelligence
New transparency rules come into force for AI-generated content under EU’s AI Act
Key transparency rules aimed at informing consumers when they are interacting with AI or are exposed to AI-generated content came into effect from August 2 across the EU.
Posted inSanctions
Enforcement set to ramp up over sanctions compliance, warn lawyers
When the U.K.’s financial regulator reported that firms’ sanctions compliance had fallen short in multiple areas, it was a warning to the sector that improvements need to be made—and quickly—as oversight and enforcement are set to be cranked up.
Posted inAccounting & Auditing
Execs distrust AI outputs after internal audit flags errors: Report
One in four executives have said that internal audits have uncovered errors in AI outputs that were not picked up by the organization before being shared with external stakeholders and board members.
Posted inCryptocurrency and Digital Assets
Thousands of crypto firms miss EU license deadline
Less than 10 percent of crypto firms that were operating in the European Union up until new rules came in on July 1 have been authorized to continue. The rest—an estimated 3,000—are supposed to cease servicing EU clients from within the single market with immediate effect.
Posted inRegulatory Enforcement
SFO and U.S. authorities investigate collapsed telecoms firm IMC
The U.K.’s Serious Fraud Office has announced that it has launched an investigation into suspected fraud, false accounting and money laundering at telecoms firm Internet Mobile Communications Limited.
Posted inSurveys & Benchmarking
U.K. governance professionals rising in influence, survey finds
Governance professionals are increasingly regarded as being more critical to the success of their organizations, according to a recent survey which found that two-thirds of respondents thought the influence of the governance function was growing.