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.
UK
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 inRegulatory Enforcement
U.K. regulator fines Virgin Media $38 million for repeat competition offense
Virgin Media has been fined a record $37.5 million for making it unreasonably difficult for customers to close accounts or switch to a better telecoms deal.
Posted inESG/Social Responsibility
Compliance must focus on due diligence as U.K. aligns with EU deforestation laws
Products using wood, cattle, cocoa, coffee, palm oil, rubber and soy are set to come under new U.K. deforestation legislation.
Posted inCryptocurrency and Digital Assets
U.K.’s sanctions on cryptocurrency exchanges signal new focus on illicit digital financing
Cryptocurrency exchanges believed to be financing Russia’s war in Ukraine have been sanctioned by the U.K. government in the first attempt to prevent evasion via “dark networks.”
Posted inRegulatory Enforcement
Sabre Corp subsidiary fined $1.3 million for U.K. sanctions circumvention
The U.K.’s sanctions office has imposed its largest penalty for circumventing Russian sanctions since the war in Ukraine began in 2022.
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 inCryptocurrency and Digital Assets
Bank of England changes stance on stablecoins after cumbersome compliance complaints
The Bank of England has revealed that it is reconsidering two of the more contentious aspects of its proposed stablecoin framework after pressure from many in the crypto asset sector. Crypto companies have complained that the proposed regulations would be too restrictive and would hold back the industry in the U.K. in comparison with other global financial markets.
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.
