Sanctions regimes in the U.S., U.K. and EU are evolving rapidly, causing continual changes, and the penalties for failure – civil and criminal – are potentially huge. Multiple inconsistent sanctions lists and increased focus on supply chains and third-party entities are making compliance for global organizations a full-time headache.
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Posted inInsurance
Former Lloyd’s CEO breached code of conduct
The former CEO of Lloyd’s of London breached the insurance market’s compliance rules after his relationship with a fellow director was deemed to be so close that it created “a perceived conflict of interest.”
Posted inRegulatory Enforcement
DOJ launches new trade fraud unit as task force tops $1 billion in recoveries
The DOJ announced the creation of a new unit dedicated to investigating and prosecuting criminal import, trade, and customs fraud.
Posted inSanctions
FCA calls out good and poor practices in sanctions reporting
Financial firms have made progress in preventing sanctions breaches, but serious gaps in governance and compliance remain, which are likely to result in keener regulatory scrutiny and potentially more penalties in the future, say experts.
Posted inESG/Social Responsibility
The revised EU Deforestation Directive: What compliance should do now
Leather, re-treaded tires and some packaging materials will no longer be in scope for the EUDR, due to apply in law from December 30 this year.
Posted inRegulatory Enforcement
Kalshi, CFTC clash with states over prediction market jurisdiction
The fight over who regulates prediction markets continues as the CFTC filed a lawsuit against another state for its attempt to cement its jurisdiction on these companies. One of these companies, Kalshi, fought back as well, suing the state of Illinois, adding to the growing list of legal battles over this still-emerging sector.
Posted inRegulatory Policy
U.K. waters down final crypto rules after industry feedback
The U.K.’s financial watchdog has watered down some of the key compliance requirements for crypto firms as it released its first full set of rules for the industry to follow.
Posted inOpinion
Chris Clarke, CCO at Bloomsbury Money, explains why asset tokenization and risk-based compliance are key FS trends
An early role in AML and due diligence in a client-facing role gave Chris Clarke his first taste of compliance. His background in Jersey, an international financial center that services global markets, made financial services an obvious choice.
Posted inRegulatory Enforcement
Edwards Lifesciences pays $10M and creates antitrust compliance program under FTC judgment
Edwards Lifesciences Corp. will pay a $10 million penalty and create and maintain an antitrust compliance program under a pending agreement with the FTC for failing to notify the commission about its acquisition of JC Medical from Genesis MedTech Group.
Posted inRegulatory Policy
U.K. set to ramp up consumer protection against price gouging
Companies risk finding that commercially sensitive information about their pricing strategies could be made public if competition authorities and other regulators believe they have unduly hiked prices to take advantage of a spike in customer demand due to a crisis.
