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.
Regulatory Policy
Posted inRegulatory Policy
When personal liability becomes a compliance responsibility
At times, enforcement agencies will issue a press release that announces the resolution of a case, but that also elicits more questions than answers. Sometimes the most instructive lessons for compliance, accounting, and internal audit teams can be found in what is not stated publicly.
Posted inRegulatory Policy
Deloitte agrees to pay U.S. government $21.5 million to settle alleged DEI discrimination
Professional services firm Deloitte has agreed to pay the U.S. government $21.5 million to settle a case alleging that the firmโs employment practices were discriminatory.
Posted inRegulatory Policy
EU anti-corruption directive raises questions over compliance and enforcement
The EU is clamping down on corruption. Its anti-corruption directive came into force and significantly raises the bar, with measures to close enforcement gaps and improve cross-border cooperation.
Posted inArtificial Intelligence
California’s AI labeling law takes effect, testing compliance with missing detection tools
California’s AI Transparency Act took effect Aug. 2, requiring generative AI developers to disclose AI-generated content. But a new investigation found several tech companies aren’t following the requirements yet.
Posted inRegulatory Policy
FinCEN ends beneficial ownership reporting for most small businesses
Tens of millions of U.S. small businesses will not be required to disclose who owns their businesses, under a final FinCEN decision killing beneficial ownership information reporting.
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 restโan estimated 3,000โare supposed to cease servicing EU clients from within the single market with immediate effect.
Posted inRegulatory Policy
FTC pares back disparate impact
In a break with decades of policy, the U.S. Federal Trade Commission (FTC) will end disparate impact consideration in almost all cases.
Posted inFinancial Services
Streamlined reporting rules will save U.K. financial services industry $145.3 million per year, says FCA
The U.K.โs financial regulator has simplified the requirements around transaction reportingโwhich helps detect market abuse and other financial crimesโas part of a drive to cut โduplicative or low-value reporting.โ
Posted inFinancial Services
Review into EU fund managers highlights compliance, internal audit ‘vulnerabilities’
Feedback from regulators across the EU has found that some fund managersโ compliance and internal audit functions could be sidelined, under-resourced, and lack independence.
