A Texas genetic testing laboratory agreed to a corporate integrity agreement that requires it to hire a compliance officer as part of a $36.4 million settlement of charges related to a kickback scheme. The company, Access DX, of Houston, signed a five-year corporate integrity agreement (CIA) with the Office of Inspector General of the Department […]
FCA
Posted inFinancial Services
Streamlined reporting rules will save U.K. financial services industry $145.3 million per year, says FCA
The U.K.’s financial regulator has simplified the requirements around transaction reporting—which helps detect market abuse and other financial crimes—as part of a drive to cut “duplicative or low-value reporting.”
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 inArtificial Intelligence
No new rules as U.K. financial services sector champions AI
There are no new rules on the horizon as U.K. financial services firms embrace “AI-enabled, continuous and delegated services,” but a report warns that the technology could reshape the sector by 2030 in terms of how firms operate, consumers make decisions, markets compete, and risks emerge.
Posted inRegulatory Enforcement
U.K. regulator forces third FS firm to pay $42M for financial crime failures related to wealth management company collapse
The U.K. banking regulator has censured asset servicing bank CACEIS UK for failing to operate adequate financial crime controls. The bank agreed to pay $41.9 million in compensation to clients.
Posted inCryptocurrency and Digital Assets
Experts weigh up challenges for firms, FCA under U.K. plan to regulate crypto
The U.K. has set itself a path to regulate crypto from the end of next year that is different to the rest of Europe. While the EU has created sector-specific rules for the industry under the Markets in Crypto Assets Regulation, the U.K. will instead make crypto firms subject to the same rules as every other financial services provider.
Posted inWhistleblowers
Why do whistleblower programs fail? Experts give their views
Compliance professionals recognize the importance of whistleblowing and the positive impact it can have on corporate governance and maintaining ethical business practices. But they are also aware that in many organizations, speak-up mechanisms do not work effectively, are sidelined, or are simply distrusted.
Posted inCryptocurrency and Digital Assets
U.K. sets out parameters of crypto regulation in guidance consultation
Crypto firms are set to be regulated by the United Kingdom’s key financial watchdog from late 2027, but the rules around how it will do so are still being ironed out.
