FRC fines PwC, auditor combined $4.1M over 2019 work of Wyelands Bank
The U.K. Financial Reporting Council issued penalties against PwC and a former auditor over deficiencies on work related to the 2019 financial statements of now shuttered Wyelands Bank.
Ethics & Compliance Summit notebook: When it comes to trust, make sure to verify
The increasing efforts to fight modern slavery across the globe are getting a boost from EU rules that require companies to track and report on the issue. But compliance executives can’t lean on easy databases and automated solutions, experts increasingly say, that supply chain companies may ignore or lie to.
FRC launches probe into MacIntyre Hudson’s 2022 audit of collapsed LSG
The U.K. Financial Reporting Council has launched an investigation into MacIntyre Hudson’s audit of collapsed construction company ISG Limited, which abruptly entered administration in September, laying off 2,200 workers.
‘Abject failure’: U.K. lawmakers sound off on FCA’s failed 'naming and shaming' enforcement
U.K. lawmakers slammed the country’s chief financial regulator’s hopes of “naming and shaming” firms as part of its efforts to beef up enforcement, denting its credibility in the process and questioning the leadership of its chief executive.
Why are CFOs struggling to stay compliant?
CFOs are tasked with overseeing an organization’s entire financial processes, not least ensuring that financial operations remain compliant with the multitude of global regulations. It’s a heavy burden to carry that might be alleviated slightly with the help of artificial intelligence, writes Markus Hornburg, head of compliance at Basware.
'Measured approach' or light-handed GPDR? Noyb reports only 1.3 percent of EU cases result in fine
When Europe’s strict set of data protection rules came into force nearly seven years ago, privacy campaigners, industry experts, and lawyers all warned that noncompliance could result in eye-watering fines and other costly sanctions, especially for repeated breaches. However, the reality appears to be very different.
Compliance Week acquired by Verdian Insights as CW expands membership efforts
When I think of CW, I think about helping you do your job better. Sometimes, that means events where you share and learn from peers. Other times, it means publishing stories or case studies that spotlight truths you need to know, while looking around the bend at what’s next, too.
Experts explain why IIA's new global audit rules will be 'central' to securing high-quality assurance
Compliance teams should expect more support from their organization’s internal audit functions. That is the clear message from the Institute of Internal Auditors, the global body of national affiliated internal audit institutes, which has just put into action its new Global Internal Audit Standards.
U.K. competition and markets regulator wields new power to combat fake online reviews
Fake reviews of products and services are a global phenomenon, but regulators in the U.K. are beginning to use newly expanded powers to protect buyers and honest competitors following a recent crackdown by U.S. authorities.
FCA fines Mako $2.1M for ineffective financial crime monitoring program
Mako Financial Markets Partnership will pay $2.1 million (1.7 million pounds) in penalties to the U.K. Financial Conduct Authority to settle allegations that its financial crime prevention program was ineffective.
U.K. Employment Rights Bill promises to thwart forced labor through new consolidated regulator
For the past decade, the United Kingdom has tried to make companies more directly accountable for forced labor in their supply chains. But lawyers warn that the government’s latest plans to beef up protections against worker violations risk being heavily watered down and poorly policed by regulators.
Experts question effectiveness of new enforcement tool SFO is finally wielding
The U.K.’s Serious Fraud Office has made its first use of an enforcement tool that was meant to bring oligarchs and kleptocrats to book. But lawyers are unsure whether the move signifies either a change in direction or fortune for the agency.
Experts: U.K. digital market reforms a ‘watershed moment,’ could speed up enforcement
The U.K.’s competition regulator has outlined new plans to regulate Big Tech firms that will enable it to take a much more flexible and proactive approach towards investigations.
CFPB issues $2.5M penalty against Wise in last action of Chopra era
A fine by the Consumer Financial Protection Bureau (CFPB) against the U.S arm of London-based foreign exchange company Wise could be one of the agency’s final actions as a new regulatory regime reportedly froze rules and litigation amid calls for defunding.
FCA dings Infinox in first fine under U.K. capital market reforms of 2018
The U.K. Financial Conduct Authority issued a landmark fine against trading platform Infinox Capital for failing to report “high-risk” transactions, the first-ever enforcement under a 2018 law.
Experts: Prepare now with U.K. failure to prevent fraud offense on horizon
Fraud prevention is about to get more complicated with penalties rising sharply for U.K. organizations. Starting Sept. 1, larger businesses will be liable to criminal prosecution if any of their employees–or an agent, subsidiary, or other “associated person”–commits fraud that is intended to benefit the company.
Experts say DORA compliance not coming easy as more firms pass buck to IT providers
New rules have come into effect across the European Union to promote better cybersecurity and IT resilience across the financial services sector, but experts warn that compliance is likely to be patchy and regulatory enforcement across the bloc perhaps even patchier.
FRC discloses probe of KPMG over 2022 audit of gambling company Entain
The U.K. Financial Reporting Council disclosed an investigation into KPMG’s audit of international sports betting and gambling company Entain Group.
TPRM critical as DORA, new FCA third-party engagement rules come into effect in 2025
New rules that push IT firms providing “critical” services to the U.K.’s financial sector to share more data about cyberattacks and resiliency measures have been welcomed by industry experts. However, concerns remain over how suppliers will be classified and how key data might be gathered and shared.
Russian-Israeli LockBit developer to be extradited to U.S. for extorting $500M
An alleged software mastermind of the notorious LockBit ransomware group will soon be extradited to the United States to stand trial on charges that his criminal enterprise extorted at least half a billion dollars from victims worldwide, including U.S. businesses and hospitals, the Department of Justice said.
Criticism mounts against FCA amid growing calls for regulatory reform
When lawmakers slam the U.K.’s chief financial regulator as “incompetent,” it not only opens the doors for others to pile criticism on it, but it sparks a debate about how the organization can be improved–or removed.
FCA apologizes for mishandling fraud allegations against Collateral
The U.K. Financial Conduct Authority apologized to investors in peer-to-peer investment firm Collateral for not acting swiftly enough to prevent Collateral from defrauding its customers.
U.K. can’t shake reputation of being a conduit to individual, institutional money laundering
London has long had the dubious reputation of being the world’s money laundering capital and it looks like it’s a title it is likely to retain for some time yet.
Overabundance of U.K. AML regulators stretching enforcement resources thin, experts say
The U.K. will struggle to shed its reputation as one of the world’s biggest conduits for dirty money due to a combination of patchy intelligence-sharing and poorly resourced enforcement agencies, experts told Compliance Week.
Equiom appoints chief risk officer
Equiom, which supports international corporations, high net worth individuals and families worldwide, announced the appointment of Naveed Shah as chief risk officer.
Check, please! Tipped employee compensation in spotlight amid U.K., U.S. ‘fair’ pay debate
Earlier this year, amid then-Republican presidential candidate Donald Trump’s campaign promise to end taxes on tips in the U.S., the U.K. government introduced a new law to ensure that all tips are paid in full to staff, regardless of whether they were given in cash or by credit card.
Evolving sanctions rules make continuous screening, due diligence essential in 2025
The EU and U.K. have rushed to commit themselves to intensifying action on sanctions evasion after U.S. President-elect Donald Trump’s victory, but any compliance managers who believe Trump will make global sanctions compliance easier in 2025 are likely to be disappointed.
U.K., EU enforcement regimes set to escalate, but critics question sanctions’ effectiveness
With a new political regime ready to take over in the U.S., the effectiveness of sanctions against malign foreign actors like Russia, North Korea, and Iran have come into question. While the European Union and U.K. have increased sanctions pressure, critics have publicly asked: Is it enough?
Reassured names risk, compliance chief
Life insurance broker Reassured appointed Philip Byrne as the new chief risk and compliance officer.
HSBC appoints interim group risk, compliance chief
HSBC appointed Richard Blackburn as interim group chief risk and compliance officer. It was also announced that Julian Wentzel will be the interim group chief sustainability officer.
Top ethics and compliance failures of 2024
The biggest Compliance Fails of 2024 show the real-world consequences of noncompliance for the companies that faltered, but also for their customers and their employees.
FCA fines Macquarie Bank $16M for control failures that allowed fake trades
The U.K. Financial Conduct Authority fined the London branch of Australian-based Macquarie Bank Limited more than 13 million pounds (U.S. $16.3 million) for “serious control failures” that allowed a trader to conceal hundreds of fictitious trades over a 20-month period.
French defense contractor Thales Group under investigation for bribery in Asia
French defense and aviation contractor Thales Group is under investigation by authorities in the U.K. and France for allegedly participating in bribery and corruption.
Good AI governance starts with proactive, continuous risk assessments
Data governance has become a key concern for companies, especially when the EU AI Act and General Data Protection Regulation have put a premium on handling data responsibly and ensuring that artificial intelligence does not cause harm.
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.