04/15/2021
FCA bans and fines Warwickshire adviser
Today’s ban should act as a deterrent to other senior individuals who abuse a position of trust.’
Legal, Regulation & Compliance
04/15/2021
Financial Regulation: Daily Update
The FCA has imposed a fine of £68,3000 and banned the individual from working in financial services.
04/15/2021
UK tax compliance and enforcement for wealthy individuals
Cases are chosen for the programme if there is a significant amount of tax at risk and it is thought that compliance interventions by the HRWP will add value.
04/15/2021
The challenges with data and AI in UK financial services
Discussion at the meeting centred on the issues and challenges surrounding data quality, data strategy and economics, data governance and ethics, and data standards and regulation.
04/14/2021
Enforcement of judgments: Brussels opposes UK entry to the Lugano Convention legal pact
Brussels is pushing for the UK to not be able to join the Lugano Convention, an international legal pact, after officials held a crunch meeting yesterday.
04/14/2021
Financial Regulation: Daily Update
The FCA has published the latest data collected from all affected insurers on the progress of their non-damage business interruption (BI) insurance claims on a new webpage.
04/14/2021
Business interruption insurance test case – Insurer claims data
The letter also set out our intention to gather information from all affected insurers regularly on the progress of their non-damage BI claims
04/14/2021
Terminal fraud attacks in Europe drop during Covid-19
Most losses remain international issuer losses due to card skimming, which were €183 million.
04/14/2021
Swiss money laundering probe eyes Lebanon central bank chief: report
Contacted by AFP, the Swiss attorney general's office confirmed Tuesday that its aggravated money laundering probe involving Lebanon's central bank was ongoing, but refrained from further comment.
04/14/2021
When your friends become your executioners: Court of Appeal holds authorised execution-only firm liable for the wrongdoing of unauthorised introducer
The High Court dismissed Mr Adams’ claim – see our earlier briefing note on that judgment here.
04/14/2021
Lawyers remain laggards in adopting money laundering risk assessment tools
Only 57% of lawyers had a business risk assessment in place last year, placing them last in a list of sectors that includes credit institutions, gaming companies, trust services providers, notaries and accountants
04/14/2021
Malta launches new citizenship by investment programme
It is a member of the EU and offers its citizens visa free travel to over 180 countries.
04/13/2021
Change bank capital rules to boost climate action - survey
The proposal drawing the most support was for regulators to impose tougher rules around the amount of capital banks need to keep as a buffer if they want to lend to companies responsible for emitting high levels of greenhouse gases.
04/13/2021
Financial Regulation: Daily Update
The European Central Bank (ECB) has published a document on the use of distributed ledger technology (DLT) in post-trade processes.
04/13/2021
Interoperability crucial for DLT in post-trade processes - ECB
In parallel, the ECB says clear and sound governance of service and functions should be ensured in a DLT environment, with a consolidated approach based on regulatory licences and conduct of business rules.
04/13/2021
Halifax refuses to repay £10k to fraud victim
The fake officer said her NI number had been cloned by a money laundering suspect in Wales, and the fraudster frightened Ms E into "clearing her name and preventing her bank accounts from being frozen" under anti-money laundering regulations.
04/13/2021
German prosecutors probe bank regulator’s role in Wirecard collapse
Bafin’s lax oversight let Wirecard's massive accounting fraud to go on for years
04/13/2021
The war against money-laundering is being lost
The global system for financial crime is hugely expensive and largely ineffective
04/13/2021
Denmark charges six from US, UK over tax fraud scheme
The six people were charged with running the scheme via Germany’s North Channel Bank in 2014 and 2015, the prosecutor said.
04/13/2021
Police seek arrest of Italian middleman in Vatican property deal
Police code-named it “Operation Broking bad,” an apparent play on the TV series “Breaking Bad”.