All United Kingdom articles – Page 9
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News BriefFRC fines KPMG $26M for ‘damning’ Carillion audit failings
KPMG accepted the conclusions and record penalties levied against it by the U.K. Financial Reporting Council for the “exceptional” level of deficiencies found to have taken place during the Big Four audit firm’s work at collapsed construction company Carillion.
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News BriefFCA fines, bans ex-Barclays CEO Staley over misrepresented Epstein ties
Former Barclays CEO Jes Staley was fined £1.8 million (U.S. $2.2 million) and banned from serving in a senior management role in the financial services industry by the U.K. Financial Conduct Authority for allegedly misleading the regulator regarding his ties to Jeffrey Epstein.
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News BriefFCA censures London Capital & Finance over misleading promos
Insolvent credit broker London Capital & Finance dodged a “substantial financial penalty” from the U.K. Financial Conduct Authority regarding promotions it used to market minibonds to investors.
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PremiumU.K. financial regs pressure firms to step up D&I considerations
The U.K.’s Financial Conduct Authority and Prudential Regulation Authority set out proposals to ensure firms treat nonfinancial misconduct, such as bullying, racist behavior, and sexual harassment, as strictly as other regulatory offenses.
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News BriefHSBC unit fined $2M by FINRA over long-running disclosure lapses
HSBC Securities (USA) agreed to pay $2 million as part of a settlement with the Financial Industry Regulatory Authority addressing alleged inaccurate disclosures related to conflicts of interest.
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News BriefU.K.-based ADM unit fined $7.9M for historic AML shortcomings
ADM Investor Services International was ordered to pay nearly £6.5 million (U.S. $7.9 million) by the U.K. Financial Conduct Authority for not timely addressing anti-money laundering systems and controls deficiencies first alleged by the regulator in 2014.
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PremiumNaming and shaming? Fair approach? Expert views mixed on OFSI’s Wise Payments case
The recent decision by the U.K. Office of Financial Sanctions Implementation to disclose details of how Wise Payments failed to stop an individual from obtaining cash while subject to Russian sanctions has ignited debate about whether the agency is taking the right enforcement approach.
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PremiumExperts: How ESG materiality assessments impact compliance
Transparency in environmental, social, and governance reporting has become an important goal, with materiality assessments impacting compliance outcomes, experts said during CW’s virtual ESG Summit.
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PremiumBank privacy processes questioned after U.K. ‘debanking’ scandal
The furor over NatWest Group’s decision to monitor and close the account of right-wing Brexit campaigner Nigel Farage—and then disclose the details to a journalist—has raised questions regarding whether other banks employ the same means to get rid of undesirable customers.
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ArticleLessons learned from FCA case against CFP Management MLRO
The U.K. Financial Conduct Authority’s decision notice against the money laundering reporting officer of CFP Management sends a strong message to the financial industry, particularly those who work in senior management functions or hold oversight responsibilities.
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OpinionFallout from ‘debanking’ scandal suggests more U.K. bank reforms coming
The former CEO of NatWest’s decision to leak client details to the press regarding Nigel Farage is likely to cost the financial industry millions in new compliance checks as U.K. regulators prepare reviews into how banks treat people with extreme political views.
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ArticleFive ways to build a top ethics and compliance team
Luciane Mallmann, head of ethics and compliance for U.K. and Ireland at real estate services company JLL, shares how embedding ethics and compliance into culture, strategy, and operations can add value to a business and its people.
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News BriefFCA to review treatment of U.K.-based PEPs
The Financial Conduct Authority announced the scope of its review into the treatment of U.K.-based politically exposed persons, the latest development in response to the Nigel Farage “debanking” scandal.
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News BriefWise Payments cited for Russia sanctions breaches in landmark OFSI action
U.K.-based foreign exchange service Wise Payments was cited for breaching the country’s sanctions levied against Russia as part of the Office of Financial Sanctions Implementation’s first use of its disclosure enforcement powers acquired last year.
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PremiumExpert views mixed on proposed U.K. AML reforms
Experts share differences of opinion over whether future anti-money laundering supervision in the United Kingdom should be industry specific and whether a single regulator would be more effective than multiple bodies.
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ArticleA day in the life of an MLRO
Discover the key responsibilities and skills of a money laundering reporting officer from Jason Holt, global head of financial crimes compliance at U.K-based investment manager abrdn.
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News BriefU.K. regulator fines Morgan Stanley $6.8M for off-channel comms
The U.K.’s Office of Gas and Electricity Markets fined Morgan Stanley £5.4 million (U.S. $6.8 million) for allegedly failing to record and retain electronic communications by its wholesale energy traders over two years.
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News BriefFRC fines Mazars $92K over missed material misstatement
The U.K. Financial Reporting Council fined audit firm Mazars £72,000 (U.S. $92,000) for “wide-ranging failings” in its audit of an unnamed market traded company.
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News BriefSEC fines Crowe U.K. $750K over deficient Akazoo audit
The U.K. arm of audit firm Crowe agreed to pay $750,000 as part of a settlement with the Securities and Exchange Commission for alleged professional care and skepticism failures regarding its 2018 audit of music streaming subscription company Akazoo.
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ArticleRecent claims cast doubt on legitimacy of behavioral science
Assessing allegations of data manipulation in psychological studies involving a Harvard Business School professor, Paul Eccleson asks whether we can trust research on behavioral science.