Nick Ephgrave, director of the U.K.’s main anti-corruption enforcement agency, the Serious Fraud Office, will retire at the end of March—about halfway through his appointed five-year term. Experts say he leaves the agency in a lot better position than he joined it in September 2023.
Financial Services
Posted inFinancial Services
U.K. government scraps long-awaited audit reforms to prioritize growth
Long-awaited reforms to the U.K. audit regime have been “scrapped” from the government’s legislative plans. The decision has led to an outburst of disappointment and frustration from audit bodies and pension funds that argued the reforms would increase trust in companies and support growth.
Posted inRegulatory Enforcement
FTC files contempt against credit card processor Cliq for alleged ongoing compliance failures
The Federal Trade Commission asked a court to hold the payment processor Cliq in contempt for allegedly “flagrantly” violating a 2015 order that the company monitor transactions for illegal charges and activity.
Posted inFinancial Services
CFPB, DOJ withdraw guidance to lenders considering borrowers’ immigration status
Two months after the U.S. Consumer Financial Protection Bureau proposed a rule change to narrow anti-discrimination requirements for lenders, it has reversed previous guidance on noncitizen customers looking to borrow.
Posted inFinancial Services
EU vows to reform financial single market rules to unlock growth and boost investment
Financial markets thrive on consistent rules across the widest markets. This is the thinking behind the European Commission’s package of measures intended to simplify and streamline the zone’s single market for financial services.
Posted inTechnology
Q&A with FINRA’s Greg Ruppert on the organization’s use of Artificial Intelligence
Greg Ruppert, Chief Regulatory Operations Officer at the Financial Industry Regulatory Authority (FINRA), recently shared insights with Compliance Week regarding the self-regulatory organization’s use of Artificial Intelligence in monitoring trends in the market, spotting threats, and keeping its members informed.
Posted inEurope
EU financial firms must prepare now for new rules on critical third-party arrangements
European banks and financial institutions must prepare now for stringent new rules on third-party suppliers.
Posted inFinancial Services
Financial firms at significant risk of cyber fraud and AI mess-ups, FINRA regulatory report says
Financial firms seeking guidance on AI, the threat of cyberattacks, market manipulation, or fraud targeting senior clients can turn to annual guidance issued by the Financial Industry Regulatory Authority.
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 inFinancial Services
CFPB humility pledge reshapes exam process, as agency faces uncertain future
The U.S. Consumer Financial Protection Bureau’s Supervision Division introduced a new “humility pledge” last month that examiners will read aloud at the start of each oversight engagement. It’s another shift in how the organization handles itself under the Trump administration.