In November 2017, CIFAS, the UK’s fraud prevention service released statistics showing a 75% rise in the number of 18 to 24 year old’s who are letting their bank accounts be used to transfer the proceeds of crime. CIFAS, along with UK Finance ran a ‘Don’t Be Fooled’ campaign which aims to deter young people […]
Andrew Bailey, CEO of the FCA, has this week written to IFPRU and BIPRU investment firms requesting them to review their prudential reporting practices. This was as a result of the FCA discovering that large numbers of firms are submitting inaccurate and incomplete returns. So, if you are the CFO, expect questions from your CEO, […]
Today’s news that the William Hill will face penalties of at least £6.2m following settlement with the Gambling Commission will have sent shock waves across the industry. This is the second largest financial penalty levied by the Commission, and the highest in relation to financial crime concerns. Other gaming firms should take note…
In a number of presentations across Singapore and Hong Kong, we attempted to look back, take stock and process the last five years of markets reform in the EU…
The Gambling Commission has conducted a ‘thematic review’ which has reportedly revealed shortcomings in antimoney laundering controls. Early this year, the Gambling Commission wrote to 195 UK-based remote casino operators with summary findings… …In short, remote casinos are not doing enough to prevent or detect the misuse of their services to launder criminal proceeds or fund terrorism…
The £1m fine levied upon Interactive Brokers for market abuse failings may not have made the same headlines as some of the eye-watering financial crime related fines over recent years, however the messages coming out of the FCA should make all firms sit up and take action…
The SFC published a circular on 25 January 2018 on the topic of distribution of complex bonds and structured products by Licensed Corporations (LCs), setting out the results of the SFC’s recent on site inspections of a number of LCs. The areas which LCs have failed to fulfil their responsibilities are elaborated in this briefing…
‘I have got nothing against luxury properties being built in London. What we can’t have is London being the world’s capital for money laundering’ – Sadiq Khan In an interview with Business Insider, Mark Hayward, CEO of the National Association of Estate Agents, says that, although they are not known to the public, multiple estate […]
The FCA has fined Interactive Brokers (UK) limited (IBUK) £1,049,412 for failing to implement appropriate Market Abuse monitoring controls despite having a posttrade monitoring system in place. Where did IBUK go wrong?
On 16 January, Bovill hosted one of their regular CASS roundtables. The discussion was lively and informative as usual and covered a wide range of topics, including: How best to issue lien notifications; Issuing client statements and what to do if the client asks that you stop sending them; The client oversight role and whether […]
The Commodity Futures Trading Commission (CFTC) and the Securities & Exchange Commission (SEC) have kept us well informed by dropping puzzle pieces along the way to viewing the full and complete picture of the regulatory cryptoworld…
Originally published in KYC360 After an eventful 2017, the year ahead will unlikely be dull on the United Kingdom’s anti-money laundering (AML) scene. The past 12 months ushered in key reforms, including the Fourth Anti-Money Laundering Directive, the UK’s designs for its own AML and sanctions legislation post-Brexit, a shake-up of main financial crime bodies […]