Optio adds first group risk chief
Optio Group announced the appointment of Insi Davenport to the newly created executive role of group chief risk officer.
Mestag Therapeutics names GC
Biotech company Mestag Therapeutics announced that it has appointed Alison Hood as general counsel.
FCA slaps Metro Bank with $21M fine for inadequate AML monitoring
The U.K. Financial Conduct Authority has fined Metro Bank 16.6 million pounds (U.S. $21 million) for an alleged failure by its automated system to adequately monitor money laundering risks.
U.K. sanctions 56 entities connected to Russia’s 'war machine'
The U.K. has issued 56 new sanctions against entities and individuals involved with Russia’s war effort, including several private mercenary groups operating in Africa that are connected to the Kremlin.
Browne Jacobson announces first GC
Law firm Browne Jacobson announced the appointment of Oliver Sweeney as its first general counsel.
1inch appoints new compliance chief
Crypto trading firm 1inch announced the appointment of Hedi Navazan as the group’s new chief compliance officer.
U.K. Employment Rights Bill triggers debate over flexibility vs. exploitation
Contract workers’ rights are in the spotlight in the U.K. and some EU countries as governments seek to end exploitative practices by eliminating zero-hours contracts, much to the chagrin of some business leaders.
LGT Wealth Management appoints first CSO
LGT Wealth Management has named Phoebe Stone as its chief sustainability officer (UK).
Premium Credit announces risk chief
Premium Credit announced the appointment of Rohit Ghai as its chief risk officer.
Watkin Jones appoints legal chief
Watkin Jones, a developer and manager of residential for rent, announced that the group has appointed Adam McGhin as its new chief legal officer and company secretary.
GCL appoints chief legal officer
Luxury goods logistics provider GCL announced the appointment of Caren Yeamans as chief legal officer.
Photo gallery: Compliance Week Europe 2024
Compliance Week Europe, held Oct. 15-16 in Amsterdam in partnership with our sister organization the Internation Compliance Association, gathered more than 200 GRC professionals across industries. Check out some of the sights from the event.
FCA fines TSB $14.2M for poor treatment of financially strapped retail customers
TSB Bank has been fined 10.9 million pounds (U.S. $14.2 million) for treating retail customers poorly while they were in arrears on mortgages, credit cards, loans, and overdraft accounts, the Financial Conduct Authority said.
Control and delete: How regulators can shutdown companies’ AI investments
Companies are increasingly putting their faith in AI to realize the kind of business benefits that the technology seems to promise, but they are also opening themselves up to new and potentially crippling sanctions if they are unable to answer questions that surround how AI operates.
New U.K. enforcement body piles pressure on sanctions evaders
Global sanctions rules are increasing rapidly, as are tools to detect and punish those who break them. In response, the U.K. government is creating a new Office of Trade Sanctions Implementation to investigate and penalize those who break sanctions rules.
Starling Bank fined $38.5M for repeatedly onboarding high-risk customers
The U.K.’s Financial Conduct Authority fined Starling Bank, Britain’s first digital bank, nearly 29 million pounds (U.S. $38.5 million) for repeated failures related to onboarding high-risk customers.
Irish DPC fines Meta $102M over GDPR violation linked to improper storage of passwords
The Irish Data Protection Commission fined Meta Ireland 91 million euros (U.S. $102 million) for multiple violations of the European Union’s General Data Protection Regulation related to the inadvertent storage of user passwords without encryption.
AI misuse could lead to sanctions from multiple regulators, experts warn
The proliferation of AI, as well as the promised business cases promoting its use, has led companies around the world to quickly invest in the technology. Executives hope these AI tools will improve efficiencies, reduce costs, and help them stay competitive. But it could lead to just the opposite.
AAR Corp. discloses former exec implicated in Nepal, South Africa FCPA violations
Aviation maintenance services provider AAR Corp. disclosed that several former employees may have bribed officials in Nepal and South Africa to win contracts, and chose to self-report violations of the Foreign Corrupt Practices Act to authorities in the U.S. and U.K.
Barclays is axing its bonus caps. Is it also ditching good governance?
Four years post-Brexit, London-based Barclays became the first British bank to scrap bonus caps for its traders that were meant to curb excessive risk-taking with client cash, improve corporate governance, and restore faith in an industry most working people still hold responsible for 15 years of economic misery.
Unipart names chief sustainability officer
Unipart, a supply chain solutions and performance improvement technologies partner, appointed Andy Pyne as chief sustainability officer.
‘Tick-box’ training leads to tragic outcome in Costa Coffee allergen case
Company training has always been equal parts important and annoying. But a recent inquest found some eLearning courses fail to warn companies when employees struggle through education and testing. For 13-year-old Hannah Jacobs, the consequences ended with her death.
Budweiser Budvar registration failures show ESG impacts of U.K. noncompliance
Most businesses think more about their products than what they come wrapped in, but a recent U.K. penalty against Czech brewery Budweiser Budvar indicates packaging is an increasingly important element in sustainability regulations.
FCA delays compliance date for certain parts of ESG rule package
The U.K. Financial Conduct Authority is pushing back the date for some firms to comply with its naming and marketing rule amid struggles to prepare for it, the FCA said Monday.
Experts warn U.K. money laundering cases to ‘significantly increase’
The U.K. has an ongoing problem with money laundering, but recent changes to economic crime law and corporate registration requirements could bring more cases to court, according to consultancy KPMG.
Renishaw announces group GC
Global engineering technologies company Renishaw appointed Kasim Hussain as its new group general counsel and company secretary.
Wordsmith appoints general counsel
Wordsmith, an AI-powered workspace for in-house legal teams, announced the appointment of Lucy Tyrrell as general counsel.
CMR Surgical names legal chief
CMR Surgical announces the appointment of Markus Bauman as chief legal & business affairs officer.
Pham cries CFTC overreach against compliance officer in $48M fine of TOTSA
The Commodities Futures Trading Commission fined TOTSA TotalEnergies Trading $48 million for allegedly engaging in price manipulation, with Commissioner Carolyn Pham defending a compliance officer at the Swiss energy company accused of making false statements.
Report: U.K. sanctions enforcement against Russia lacking since invasion of Ukraine
Sanctions imposed against Russia following the 2022 invasion of Ukraine are being undermined by the U.K.’s poor track record of enforcement, according to a report by campaign group Spotlight on Corruption.
U.K. whistleblower protections, awards needed to compensate ‘career suicide’
Discrimination against whistleblowers in the U.K. has risen to such a level that the government may need to actively pursue plans to afford greater legal protection, as well as introduce financial awards to compensate for their “career suicide.”
CPE Webcast: UK Worker Protection Act: Safeguarding rights and responsibilities
This webinar will deep dive into the UK Worker Protection Act, ensuring you know the key facts and advise you on the next steps.
Q&A: APCC chair on culture challenges facing financial services firms
Julie Ampadu, chair of the U.K.’s Association of Professional Compliance Consultants, spoke to Compliance Week about why culture is the biggest issue facing financial services firms.
FCA fines PwC $19.5M for failing to report fraud at London Capital & Finance
PricewaterhouseCoopers agreed to pay 15 million pounds (U.S. $19.5 million) for failing to report suspicions of fraud taking place at investment firm London Capital & Finance before it collapsed, the Financial Conduct Authority announced.
U.K. forced labor ruling raises bar for supply chain monitoring
Companies will need to tighten up how they monitor their supply chains after a recent U.K. ruling determined that corporates could be open to money laundering charges if they fail to act in cases where they believe there is a risk of forced labor.
Experts warn FCA review prompts firms to declassify or retain PEPs
The U.K Financial Conduct Authority published findings showing that financial services firms are implementing its guidance on politically exposed persons related to anti-money laundering inconsistently, with experts warning firms of reputational damage arising from potential enforcement.
Rolls-Royce announces GC for Defense, North America
Rolls-Royce announced the appointment of Kimberly Hicks as general counsel for Defense and Rolls-Royce North America (RRNA).
FCA fines Cyprus trading company $355K for unfair customer treatment
The U.K. Financial Conduct Authority fined a Cyprus-based trading company more than 276,000 pounds (U.S. $354,000) for unfair customer treatment and providing unauthorized investment advice.
ICO proposes $7.8M fine against NHS contractor in warning to IT providers
The U.K. Information Commissioner’s Office proposed a 6.1 million pound (U.S. $7.8 million) fine against Advanced Computer Software Group, an IT contractor for the National Health Service that allegedly failed to secure the data of 83,000 people after a cyberattack.
U.K. pension scheme reforms promise funds consolidation for trustees
The U.K. government has signaled new rules for pension trustees and funds consolidation to boost investment, but questions remain on employee financial literacy.
FRC orders EY to pay $376K over 2021 audit of Evraz
The Financial Reporting Council ordered a unit Ernst & Young UK to pay 296,000 pounds (U.S. $376,000) over the firm’s 2021 audit of Russia mining group Evraz.
LexisNexis survey: Compliance costs soared for U.K. banks in 2023
Nearly all but a tiny minority of financial institutions saw their costs of financial crime compliance rise in 2023, a survey by LexisNexis and Oxford Economics found.
M&G appoints risk, compliance chief
International savings and investments business M&G announced the appointment of Shawn Gamble as chief risk and compliance officer.
SFO staffing shortages improve under new leadership
Staffing shortages that have plagued the U.K. Serious Fraud Office are trending in the right direction since its new director took charge, with the anti-bribery agency forging ahead with initiatives to ensure its future sustainability.
FCA wants input on how Consumer Duty overlaps with existing rules
The U.K. Financial Conduct Authority is asking for input on which of its existing rules for financial services overlap with the year-old consumer duty rule, with an eye toward streamlining and simplifying both rule packages.
Former U.K. Gambling Commission investigator on AML/CFT regulations
Recent events have put a spotlight on the role of the U.K. Gambling Commission, following its investigation into privileged information allegedly being used to bet on the date of the U.K. general election.
FCA fines Coinbase subsidiary $4.5M over providing service to high-risk customers
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
Risk visibility striking fear in companies onboarding new customers
A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
Commercis announces general counsel
Commercis announced the appointment of Thomas Dolan as the company’s new general counsel.
King’s Speech signals major employment law changes ahead in U.K.
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.