The UK has called for feedback on plans to reform its whistleblowing laws so that people who come forward with information that leads to a corporate conviction can be financially rewarded, as in the US.
United Kingdom
Posted inBanking
UK financial regulator proposes economy-linked regulatory threshold to cut firms’ compliance costs
The UK’s financial services supervisor wants to scrap “nominal” regulatory thresholds to make compliance costs “proportionate” and prevent more financial firms from falling under rules simply because they have grown in size rather than risk.
Posted inRisk Management
Compliance must counter rising third-party financial crime risks with risk-based, integrated due diligence
Third-party risks around financial crime are accelerating and becoming more complex. Evolving sanctions rules, a renewed focus in the EU and UK on money laundering, bribery and corruption, and the UK’s Failure to Prevent Fraud criminal offense all put the onus on companies to understand exactly who their third parties are, who is behind them, and how they expose them to risk.
Posted inArtificial Intelligence
Companies responsible for decisions made by ‘autonomous’ AI, says ICO
The UK’s data regulator has issued a strong warning that companies remain responsible for protecting personal data when they use AI systems, even when the technology acts autonomously.
Posted inSanctions
Why the rise of countersanctions is increasing compliance risks on multiple fronts
Compliance teams in global companies are already grappling with constantly evolving sanctions regimes in the US, UK, and EU. Now, they must also watch countersanctions emerging in countries including Russia and China.
Posted inArtificial Intelligence
FCA warns AI may reveal more cyber vulnerabilities firms can cope with
The UK’s financial regulator has warned that the rapid pace of AI development is revealing vulnerabilities in firms’ cybersecurity arrangements because their existing controls cannot keep up with the risks new technology can either create or exploit.
Posted inFinance
Man City Football Club facing penalties for breaking financial compliance rules
Manchester City Football Club faces penalties for falsifying its revenues using sham contracts and misstated financial accounts. The Premier League announced that an independent commission had found the club guilty of all serious charges against it.
Posted inAccounting & Auditing
FRC revises two auditing and assurance standards to align with international ethics code
The UK’s audit regulator has revised an auditing and an assurance standard, both relating to ethics. The FRC said that the changes ensure that UK standards remain aligned with standards issued by the IAASB.
Posted inRegulatory Policy
FCA expands non-financial misconduct rules to 37,000 more firms
Financial firms can now face regulatory action for bullying, harassment, and acts of violence under rules that have come into effect in the United Kingdom to counter sexism, misogyny, and poor corporate culture in the workplace. The Financial Conduct Authority’s (FCA) rules regarding non-financial misconduct (NFM) have been extended so that they not only apply […]
Posted inRegulatory Enforcement
FCA warns firms to tighten non-financial misconduct compliance after Crispin Odey’s lifetime ban upheld
The U.K. financial regulator has warned firms that it won’t tolerate a “slapdash” approach to ethics and non-financial misconduct.