The U.K. government has announced a raft of legislation that will drastically cut compliance requirements in the financial services sector, as well as aim to bring the United Kingdom more in line with the EU to simplify customs regulations and boost trade.
EU
Posted inEurope
EU calls for transparency, governance as rising defense spending attracts fraudsters
Rapidly rising defense spending across EU states is creating new opportunities for
fraudsters. The director of the EU’s anti-fraud agency has warned that states that are
funding rearmament must increase their fraud protections. Companies and investors in the sector should therefore expect more fraud activity and more scrutiny.
Posted inESG/Social Responsibility
EU simplifies chemicals regulations, but legal and reputational pressures around hazardous chemicals are rising
The EU Parliament has agreed to simplify European chemicals regulations to boost
competitiveness, but compliance teams should note that the MEPs voted to retain
some rules to protect consumers and the environment.
Posted inSanctions
EU’s 20th Russian Sanctions Package extends compliance to third parties and anti-circumvention measures
The EU has intensified its focus on sanctions circumvention and the supply of Russian oil in a clear signal that the energy crisis caused by the closure of the Strait of Hormuz will not weaken its efforts to sever Russian cashflows.
Posted inESG/Social Responsibility
CW National: Peirce confirms SEC climate rule rescission proposal being reviewed
Commissioner Hester Peirce had raised concerns about the rule and views the U.S.’s pullback on ESG regulations as a competitive edge over other countries.
Posted inAML
Most FS firms expect to miss EU AML deadline amid data and due diligence challenges
Two-thirds of financial services firms will not be able to meet the requirements of the EU anti-money laundering package when it comes into force in July 2027.
Posted inFinance
Lloyds IT glitch: Key lessons for compliance
IT outages seem to be increasingly prevalent in the financial services sector, despite a firmer focus on technical resilience by regulators both in the United Kingdom (U.K.) and the European Union (EU). A recent tech glitch that hit a major U.K. bank should compel compliance teams in the sector to review their IT security and incident reporting at the very least, say experts.
Posted inRegulatory Enforcement
Chocolate bars: Investigations into Ferrero are a lesson for compliance on EU antitrust commitments
Chocolate companies are in the sights of EU antitrust regulators. Ferrero, maker of Kinder, Ferrero Rocher, and Nutella, has revealed that it was the target of “dawn raids” by the European Commission in two EU member states.
Posted inRegulatory Policy
U.K. banking regulator focuses on accountability, governance and data while relaxing reporting cycles
The U.K. banking regulator is shifting its focus to rigorously monitoring outcomes, rather than adding rules, and this is driving investment in oversight functions.
Posted inEurope
EU unveils customs overhaul to tackle e-commerce and geopolitical shifts
The EU Customs Union currently deals with trade worth €4.3 trillion a year. In 2024, 2,140 customs offices across the trading bloc collected almost €27 billion in customs duties and dealt with 1.37 billion items.
