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TSB saved from 'disproportionate' fine calculation by regulators
The FCA and PRA have diverged from their usual calculation formula in their £49 million total fine on TSB for its operational failures in the run-up to its 2018 IT upgrade programme.
Online Published Date:
04 January 2023
Appeared in issue:
Vol 35 No 5 - 01 February 2023
Guaranty Trust Bank fine upped 40% for aggravating factors on AML system failures
Senior management have been blamed by the FCA for AML systems and controls failures at Guaranty Trust Bank (UK) Limited, which has just been penalised £7.6 million.
Online Published Date:
12 January 2023
Appeared in issue:
Vol 35 No 5 - 01 February 2023
Bank fined £4m after internal audit on financial crime scrapped for eight years
A Birmingham-based bank has been fined just over £4 million after it accepted more than 1,100 'in person' cash deposits of more than £10,000 without instituting working AML controls.
Online Published Date:
23 January 2023
Appeared in issue:
Vol 35 No 5 - 01 February 2023
Ex-Janus Henderson analyst faces insider dealing and money laundering charges
A former analyst at asset manager Janus Henderson and four other individuals are to appear in Southwark Crown Court in February facing FCA conspiracy proceedings on trading in 49 different companies.
Online Published Date:
27 January 2023
Appeared in issue:
Vol 35 No 5 - 01 February 2023
Survey to expand to 600 retail firms in run-up to Consumer Duty
Over 600 firms are to be required to take part in an FCA survey that will measure their preparedness for the new Consumer Duty, which starts on 31 July.These will mainly be small and medium-sized retail organisations. The largest 60 have already been subject to a review oftheir implementation plans.
Online Published Date:
27 January 2023
Appeared in issue:
Vol 35 No 5 - 01 February 2023
The Edinburgh Reforms - post-Brexit financial (de)regulation
Tailored regulatory reform at its best or a race to the bottom? John Verwey and Sulaiman Malik provide an overview of the Edinburgh Reforms and their potential impact on the UK's status as a global financial hub.
Online Published Date:
02 February 2023
Appeared in issue:
Vol 35 No 5 - 01 February 2023
Why consider machine learning for transaction monitoring?
The introduction of machine learning models alongside rules-based systems for transaction monitoring can significantly reduce alert volumes while also identifying cases of suspicious activity that would not have been found through the traditional rules-based method. This hybrid approach is gaining favour with regulators, say Priya Giuliani and Donald Andersen.
Online Published Date:
02 February 2023
Appeared in issue:
Vol 35 No 5 - 01 February 2023
UK Transition Plan Taskforce: consultation on sector-neutral transition plans
The transition to net-zero requires high quality and credible transition plans. Such plans not only enable companies and financial institutions to meet their net-zero commitments, they also ensure investors can make better-informed capital allocation decisions. Charlotte Hill and Daniel Hirschfield review the recent consultation on sector-neutral transition plans.
Online Published Date:
02 February 2023
Appeared in issue:
Vol 35 No 5 - 01 February 2023
Is the FTX fiasco crypto's 'Lehman moment'?
Recent interventions by governments and authorities around the globe indicate that tougher regulation of digital assets is the direction of travel. Kate Gee and Tom Crawford explore these developments, as well as whether the alleged FTX fraud could act as a catalyst.
Online Published Date:
02 February 2023
Appeared in issue:
Vol 35 No 5 - 01 February 2023
FCA fines Santander £108 million for repeated AML failings
A recent enforcement case once again demonstrates that "criminals do not need to be particularly clever or sophisticated to launder funds through a bank. Rather, they can rely on banks failing to implement fundamental AML controls properly," writes Denis O'Connor.
Online Published Date:
02 February 2023
Appeared in issue:
Vol 35 No 5 - 01 February 2023
The FCA's ESG investment labelling proposals
The UK has opted to diverge from the EU in its approach to designating the ESG credentials of investments - with a focus on labelling from a retail investor perspective, rather than a disclosure system like its European neighbours. Compliance teams should not delay in assessing how their products will conform to the proposed rules, as well as where the product will fall when moving from one regime to the other, urge Tim Dolan and Voirrey Blount.
Online Published Date:
02 February 2023
Appeared in issue:
Vol 35 No 5 - 01 February 2023
Promoting high-risk investments - the FCA's reform of COBS 4
New rules designed to curtail the public's access to restricted and non-mass-market investments do not ameliorate the sheer fiddliness of this subject. Would it not be simpler if the FCA just banned the sale of all non-mainstream products to retail clients? suggests Adam Samuel.
Online Published Date:
02 February 2023
Appeared in issue:
Vol 35 No 5 - 01 February 2023