A new U.K. Consumer Composite Investments regime comes into force on April 6 and will apply to all firms that manufacture or distribute CCI products to retail investors in the U.K. This includes some firms that are not regulated by the Financial Conduct Authority.
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Posted inAccounting & Auditing
EY compliance partner leaves after independence failings prompt regulatory investigation
Four senior partners at Big Four accountancy firm Ernst & Young, including a leader in the firm’s compliance function, have left the company because of spiralling repercussions from a costly compliance failure.
Posted inFinancial Services
U.K. insider trading case highlights benefits to self-reporting suspicious activity
The U.K. has recently initiated a series of comprehensive crackdowns on financial fraud, particularly in the financial services sector. A recent enforcement action highlighted the effectiveness of one of the Financial Conduct Authority’s lesser-known weapons in its fight to combat insider trading—the Suspicious Transaction and Order Report (STOR).
Posted inData Privacy
Navigating APAC data privacy laws: A compliance roadmap
Fragmented regulations across the APAC region are forcing compliance teams to rethink strategies that worked under GDPR.
Posted inRegulatory Enforcement
Florida boarding school pays $1.7M for enrolling kids of drug cartel parents
A Florida school has agreed to pay more than $1.7 million for enrolling children whose parents had been sanctioned by the U.S. for their ties to Mexican drug cartels, the U.S. Department of the Treasury’s Office of Foreign Assets Control said Thursday.
Posted inAML
FinCEN launches whistleblower portal, seeking tips on BSA and sanctions violations
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has launched a whistleblower webpage to solicit tips on fraud, money-laundering, as well as violations of the Bank Secrecy Act (BSA) and U.S. sanctions.
Posted inData Privacy
Disney pays $2.75M to California for alleged privacy violations
Disney has agreed to pay $2.75 million to settle allegations by California that its streaming service sold the personal information of subscribers without their permission.
Posted inEurope
Q&A with Norm Ashkenas, CCO at Robinhood, on compliance challenges, opportunities and being a strategic adviser
Chief among Norm Ashkenas’ priorities is positioning compliance as a strategic adviser, supporting those leading this global expansion in a complex financial services world. He stresses that compliance puts a huge effort into ensuring that it is not seen as a back-office function.
Posted inSanctions
OFAC creates online portal for self-disclosing sanctions violations
The U.S. Department of the Treasury’s Office of Foreign Assets Control has created an online voluntary self-disclosure system to encourage more people to self-report possible sanctions violations.
Posted inEurope
Prada cleans up supply chain with zero tolerance for compliance failings
Luxury fashion brand Prada has terminated contracts with over 200 suppliers in the past five years after a focused “zero tolerance” supply chain audit aimed at identifying compliance failings.