- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Neil Hodge2022-09-27T13:54:00
The U.K. government said it wants to give Companies House more power and resources to help combat money laundering.
The Economic Crime and Corporate Transparency Bill aims to stem the flow of dirty money coming into the United Kingdom. The bill would give the organization—which provides a public register of businesses, their accounts, and their directors—new powers to “check, challenge, and decline” false information when new companies are set up.
Companies House’s investigation and enforcement powers would also be beefed up, enabling it to cross-check data with other organizations and report suspicious activity to security agencies and law enforcement, the U.K. government stated in a Sept. 22 press release.
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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.
The success of the U.K.’s latest legislative efforts to tackle financial crime depends on the capability of transforming what is often regarded as one of the country’s most passive regulators into a proactive—even aggressive—prosecuting authority.
The United Kingdom adopted the Economic Crime and Corporate Transparency Act, which aims to stem the flow of dirty money coming into the country through enhancements to government agency capabilities and law enforcement.
The Consumer Financial Protection Bureau has issued a proposed rule aimed at protecting the privacy of the public when using novel digital payment systems, such as those offered by large technology platforms and video gaming companies.
Banks and other lenders will be prohibited from using medical debt information in credit reports, under a new rule finalized by the Consumer Financial Protection Bureau, the agency said.
New rules on cyber risk management across the EU put execs firmly in the crosshairs for noncompliance and are likely to apply to a wider range of organizations than many business leaders may initially think. However, there are also concerns that the rules may become muddled across the wide bloc. ...
