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.
UK
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.
Posted inRegulatory Policy
Red flags, top-tips to help identify forced labor at home and abroad
Efforts by the Trump administration to impose tariffs on countries that it deems do little to discourage or penalize companies that profit from forced labor have reignited the need for compliance teams to ask deeper questions about how their organizations attempt to uncover incidences of modern slavery in the workplace and supply chains.
Posted inFinancial Services
U.K. seeks to unlock $108B investment by relaxing banking ring-fencing rules
The U.K. government has committed to relaxing its stringent ring-fencing requirements for banks in forthcoming financial legislation.
Posted inRegulatory Enforcement
Trump’s latest tariffs gambit puts spotlight on ‘inadequate’ forced labor laws
The risks associated with companies either conniving in or unwittingly profiting from modern slavery have garnered increased attention over recent years, but the United States’ latest attempt to hit dozens of countries with tariffs for failing to tackle the problem more seriously has pushed the issue of forced labor to the top of corporate agendas.
Posted inAccounting & Auditing
Control failures cost U.K. financial firms over $1.35B in five years – and the compliance risks are rising
The U.K.’s financial regulator has issued over £1 billion ($1.35 billion) of fines for regulated firms’ basic internal control failures in the past five years. This accounted for more than half of the total fines issued to financial services firms in the period.
Posted inFinancial Services
U.K. slashes FS rules, seeks closer EU regulation ties to boost growth
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.
Posted inEnergy and Utilities
BP chairman ousting: A failure of ‘tone at the top’ or a triumph of good governance?
The speed at which a major oil company has fired its chairman over allegations of bullying and aggressive behavior may be viewed as a triumph of ethical policies—and a failure of the “tone at the top”, say experts.
