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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-09-05T15:23:00
The Financial Conduct Authority (FCA) announced the scope of its review into the treatment of U.K.-based politically exposed persons (PEPs), the latest development in response to the Nigel Farage “debanking” scandal.
The review “will look carefully at firms’ arrangements for dealing with PEPs based in the U.K.,” said the FCA in a press release Tuesday. The regulator on Aug. 15 issued a statement requesting PEPs share their experiences dealing with financial services firms.
Debanking has been a hot topic in the United Kingdom following the controversial decision by NatWest to close the accounts of Farage, a politician who said the move was made because his right-wing political views. The bank’s handling of the matter—which included its chief executive officer admitting to discussing details regarding Farage with a BBC reporter—earned it significant criticism among lawmakers. The CEO stepped down in July.
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2023-10-27T17:17:00Z By Kyle Brasseur
An independent review into how NatWest handled the closure of politician Nigel Farage’s Coutts account uncovered potential regulatory breaches by the bank that are on the radar of the U.K. Financial Conduct Authority.
2023-10-11T18:57:00Z By Kyle Brasseur
Insolvent credit broker London Capital & Finance dodged a “substantial financial penalty” from the U.K. Financial Conduct Authority regarding promotions it used to market minibonds to investors.
2023-10-03T21:01:00Z By Kyle Brasseur
ADM Investor Services International was ordered to pay nearly £6.5 million (U.S. $7.9 million) by the U.K. Financial Conduct Authority for not timely addressing anti-money laundering systems and controls deficiencies first alleged by the regulator in 2014.
2024-07-24T15:50:00Z By Aaron Nicodemus
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
2024-07-23T12:29:00Z By Ruth Prickett
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
2024-07-22T15:50:00Z By Aaron Nicodemus
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
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