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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Neil Hodge2023-09-21T19:05:00
The furor over NatWest Group’s decision to monitor and close the account of right-wing Brexit campaigner Nigel Farage—and then disclose the details to a journalist—has raised questions regarding whether other banks employ the same means to get rid of undesirable customers.
The answer is “no,” said the U.K.’s Financial Conduct Authority (FCA).
In a report published Tuesday, the regulator said no firm closed a personal account between July 2022 and June primarily because of a customer’s political views—a practice that is banned under the U.K.’s Payment Accounts Regulations.
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News and analysis for the well-informed compliance or audit exec.
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2023-11-16T15:54:00Z By Neil Hodge
Just because Alison Rose received a public apology from the U.K. Information Commissioner’s Office regarding the suggestion she might have violated the General Data Protection Regulation doesn’t mean NatWest could avoid sanction.
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.
2023-10-11T20:21:00Z By Adrianne Appel
Holding on to data for longer than necessary creates vulnerabilities for businesses by giving cyberattackers more avenues to access an organization’s computer systems.
2024-07-24T17:54:00Z By Neil Hodge
A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
2024-07-15T16:45:00Z By Jeff Dale
The Treasury Department’s Financial Crimes Enforcement Network updated an alert first issued in February warning financial institutions of Israeli extremists fomenting violence in the West Bank.
2024-06-28T19:30:00Z By Jeff Dale
A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.
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