All United Kingdom articles – Page 28
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ArticleThe importance of transaction monitoring, and the cost of getting it wrong
Transaction monitoring has evolved to the point where the emphasis is now on the requirement firms carry out ongoing monitoring of client relationships. Recent enforcement actions provide lessons on pitfalls to avoid.
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ArticleEx-Glencore oil trader pleads guilty for role in bribery scheme
A former oil trader for a subsidiary of Glencore entered a guilty plea for his role in bribing government officials in Nigeria in exchange for the award of oil cargoes and more favorable delivery terms.
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ArticleWhat companies (and the SEC) can learn from U.K. ESG reporting guidance
The U.K. Financial Reporting Council has proposed a series of measures from which companies—as well as other regulators like the SEC—could benefit as ESG disclosures receive closer scrutiny.
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ArticleFRC 2020/21 audit inspections: KPMG rebuked over continued struggles
The U.K. Financial Reporting Council released the results of its 2020/21 audit quality inspections, in which it singled out KPMG for “unacceptable” deficiencies regarding the firm’s audits of banks and similar entities.
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ArticleSFO secures DPAs worth $3.4M with two unnamed companies
The Serious Fraud Office announced deferred prosecution agreements worth £2.5 million (U.S. $3.4 million) with two unidentified U.K.-based companies for bribery offenses.
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ArticleFCA pledge to be more assertive rings hollow amid enforcement drops
A steady decrease in enforcement activity makes it easy to question whether the U.K. Financial Conduct Authority is in position to become the “more innovative, assertive, and adaptive regulator” it pledges to be.
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ArticleHow firms can protect vulnerable customers
Vulnerable customers have finally reached the top of the regulatory priority list. New guidance from the U.K. Financial Conduct Authority sets out what will be expected of firms in providing an appropriate level of care.
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Article10 years of U.K. Bribery Act: Compliance enough to define law’s success?
The U.K. Bribery Act marked its 10th anniversary this month, but views are mixed about how the legislation and its enforcement have fared in the decade since it came into force.
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ArticleBinance enhancing compliance after recent U.K. ban
The CEO of cryptocurrency platform Binance touted the company’s growing commitment to compliance after one of its units was banned from operating in the United Kingdom.
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ArticleBritish Airways settles 2018 data breach class action
British Airways has settled one of the U.K.’s largest group actions after thousands of people sought compensation following a 2018 data breach that resulted in the airline being fined under the GDPR.
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ArticleCompliance lessons from Wood Group’s $177M global bribery settlement
John Wood Group reached a $177 million settlement with authorities in the United States, the United Kingdom, and Brazil, concluding legacy bribery and corruption investigations into Amec Foster Wheeler companies.
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ArticlePwC audit facing scrutiny amid Greensill collapse fallout
Big Four firm PwC is under investigation for its audit of Wyelands Bank as part of a larger U.K. review linked to the recent collapse of Greensill Capital.
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ArticleU.K. AML expert convicted of aiding money launderers
A U.K. money laundering prevention expert was found guilty of allowing criminals to use his company to launder the proceeds of an £850,000 (U.S. $1.2 million) investment fraud that resulted in dozens of victims being ripped off.
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ArticleEmbrace of RegTech driving financial services transformation
Large global financial institutions are utilizing advanced technologies like never before to help manage their regulatory compliance needs, driving major efficiencies within compliance, risk, and internal audit functions in the process.
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ArticleEx-Deutsche Bank traders imprisoned for ‘spoofing’ roles
James Vorley and Cedric Chanu, former precious metals traders at Deutsche Bank, were each sentenced to one year and one day in prison for their respective roles in a scheme to manipulate the precious metals markets with fraudulent trades.
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ArticleCredit Suisse hires Goldman Sachs veteran as U.K. CCO
Credit Suisse has hired Nita Patel as its new chief compliance officer for the U.K. and EMEA regions. Of note, the bank was exposed to losses during the collapse of U.K. firm Greensill Capital.
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ArticleHow global compliance works at the local level
For compliance officers working for global companies, it is important to understand the way different regions view compliance and how it may differ from your home country’s views.
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ArticleTech giants support G7 global minimum corporate tax agreement
Finance ministers from the G7 reached an historic international tax agreement that will impose a new global minimum corporate tax. Among those expected to be most affected are technology giants, but they say they support the move.
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ArticleU.K. regulatory system also at fault in Greensill collapse
The collapse of Greensill Capital has led to investigations into how the company got into the financial mess it did and why alarm bells didn’t ring. But one investigation is noticeably conspicuous by its absence—why the company wasn’t properly regulated in the first place.
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ArticleSFO probing Sanjeev Gupta business ties to Greensill Capital
The U.K. Serious Fraud Office has launched an investigation into suspected fraud and money laundering in financing arrangements between steel and mining magnate Sanjeev Gupta and recently collapsed Greensill Capital.