European banks and financial institutions must prepare now for stringent new rules on third-party suppliers.
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 inTechnology
FATF focus on criminal asset recovery points to a more investigatory role for compliance
Global organised crime is booming, and only 1 to 2 percent of the $4 trillion black economy is intercepted, according to figures from the Financial Action Task Force. Its new guidance suggests that countries should focus on rapid investigations, collaborative intelligence gathering, and confiscating the proceeds of criminal activity.
Posted inEurope
Former Credit Suisse compliance officer charged with money laundering
A compliance officer is facing charges for laundering $7 million in a complex legal case in Switzerland. Swiss prosecutors have charged Credit Suisse, and one of its former employees, with failing to maintain adequate controls.
Posted inEurope
Pharma sector boom puts pressure on compliance to counter financial crime
Regulation is a matter of life and death in the pharmaceutical industry. Rules to combat practices that can kill have been in force for decades, but tech developments are rapidly creating new risks and focusing lawmakers’ attention on areas where some compliance teams may lack experience.
Posted inFinancial Services
U.K. asset managers to focus on investor engagement outcomes under new reporting guidance
Asset managers reporting under the U.K.’s updated Stewardship Code starting Jan 1 should focus on engagement outcomes and evidence of impact. New guidance from the U.K. financial regulator offers case studies and checklists to support compliance.
Posted inRegulatory Policy
New regulatory regimes for U.K. and EU ESG ratings firms could increase compliance costs
Environmental ratings are becoming big business as companies seek proof of sustainable and socially beneficial conduct. Firms that issue ratings on environmental, social and governance (ESG) performance are set to be regulated in the EU and U.K.
Posted inTechnology
U.K. Cyber Security and Resilience bill set to regulate critical infrastructure suppliers
Suppliers to the U.K. critical infrastructure will face new regulations to ensure they are protected from cyberattacks. The Cyber Security and Resilience Bill, introduced on November 12, also raises penalties for breaches and expands regulator powers to label certain suppliers as critical.
Posted inEthics & Culture
Rapid regulatory change requires investment in compliance processes in financial services firms
Geopolitical instability and a general focus on increasing growth and productivity by governments worldwide are causing a slew of regulatory changes in the financial services sector. But most firms are failing to identify potential compliance changes early enough to make meaningful decisions.
Posted inRisk Management
French court orders TotalEnergies to remove deceptive climate transition claims
Regulators in Europe are focused on punishing energy firms that make deceptive claims on net zero targets, as TotalEnergies recently discovered.
Posted inRisk Management
Compliance should protect firms from AI-washing investigations and insurance claims
Insurance firms are warning that AI-washing could trigger a slew of cases against directors, and are adjusting their directors’ and officers’ liability premiums accordingly. With regulators cracking down on AI-washing, compliance could be a crucial line of defense and save companies on their insurance costs.
