Leather, re-treaded tires and some packaging materials will no longer be in scope for the EUDR, due to apply in law from December 30 this year.
Ruth Prickett
Ruth Prickett graduated from Cambridge University with a BA hons in History and has specialized in business and finance journalism for the past 20 years. She was editor of Financial Management, the magazine for the Chartered Institute of Management Accountants, for many years before relaunching and editing Audit & Risk magazine for the Chartered IIA. She has written for a wide range of specialist business titles and drafted white papers and reports for clients including HSBC and Vodafone.
Posted inOpinion
Chris Clarke, CCO at Bloomsbury Money, explains why asset tokenization and risk-based compliance are key FS trends
An early role in AML and due diligence in a client-facing role gave Chris Clarke his first taste of compliance. His background in Jersey, an international financial center that services global markets, made financial services an obvious choice.
Posted inFinancial Services
Lawyers warn U.K. financial firms to prepare for faster regulatory changes with less consultation
The U.K. government is giving the financial and banking regulators more flexibility to make regulations without submitting these to a full consultation process.
Posted inRegulatory Enforcement
U.K. regulator fines Virgin Media $38 million for repeat competition offense
Virgin Media has been fined a record $37.5 million for making it unreasonably difficult for customers to close accounts or switch to a better telecoms deal.
Posted inSanctions
Sanctions penalty for Scottish energy company marks ‘new era’ of sanctions enforcement
A Scottish energy company has become the first to be named by the U.K. customs and excise authority for breaching Russian sanctions rules.
Posted inESG/Social Responsibility
Compliance must focus on due diligence as U.K. aligns with EU deforestation laws
Products using wood, cattle, cocoa, coffee, palm oil, rubber and soy are set to come under new U.K. deforestation legislation.
Posted inCryptocurrency and Digital Assets
U.K.’s sanctions on cryptocurrency exchanges signal new focus on illicit digital financing
Cryptocurrency exchanges believed to be financing Russia’s war in Ukraine have been sanctioned by the U.K. government in the first attempt to prevent evasion via “dark networks.”
Posted inRegulatory Policy
New rules to protect EU workers from toxic chemicals in battery, steel, rubber, and textile industries
New rules protecting workers from dangerous chemicals are set to pass into law in October following EU Council and Parliament agreement, establishing new exposure limits across the battery, steel, chemical, and textile industries and updating protective equipment standards.
Posted inRegulatory Enforcement
Sabre Corp subsidiary fined $1.3 million for U.K. sanctions circumvention
The U.K.’s sanctions office has imposed its largest penalty for circumventing Russian sanctions since the war in Ukraine began in 2022.
Posted inRegulatory Enforcement
U.K. regulator forces third FS firm to pay $42M for financial crime failures related to wealth management company collapse
The U.K. banking regulator has censured asset servicing bank CACEIS UK for failing to operate adequate financial crime controls. The bank agreed to pay $41.9 million in compensation to clients.
