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Entries in Financial Conduct Authority (44)


UK releases new whistleblower rules for banks and insurance companies

The Financial Conduct Authority released new rules Tuesday for the UK  banking and insurance sector to protect whistleblowers and encourage them to come forward.

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UK fines Merrill Lynch £13 million for 35 million compliance lapses

The UK Financial Conduct Authority on Wednesday fined Merrill Lynch International £13,285,900 ($19.8 million) for incorrectly reporting 35,034,810 transactions and failing to report another 121,387 transactions between November 2007 and November 2014.

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UK fines BNY Mellon £126 million for custody compliance failures

The Financial Conduct Authority Tuesday fined two Bank of New York Mellon units a total of £126 million ($185 million) for failing to comply with the FCA custody rules for the safe-keeping of client money.

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UK to compliance officers: ‘Show a backbone’

A former compliance officer at the Bank of Beirut (UK) lied to the Financial Conduct Authority. Anthony Willis said the bank was complying with orders to enhance its compliance program when it wasn't. When the FCA caught Wilis in the lies, he said it wasn't his fault.

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UK compliance officer and internal auditor lied to regulator

A compliance officer and an internal auditor at the Bank of Beirut (UK) Ltd misled the UK Financial Conduct Authority about steps taken by the bank to protect against financial crime.

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UK plans more enforcement for compliance failures

As reported in the Financial Times, Jamie Symington, the head of investigations at the Financial Conduct Authority, announced last week the regulator’s plans to target financial crime, including failures in bribery and sanctions controls within the entities it regulates.

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Report: UK financial regulator ‘fell short of its own standards’

The issue of who regulates the regulators was thrown into sharp focus following the publication of a rather costly (£3.15 million / $4.95 million) independent report into the UK Financial Conduct Authority's media and financial market management. 

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FCA small bank and insurance intermediary reviews: Not good but getting better

Last week, the UK’s Fianncial Conduct Authority published thematic financial crime risk reviews into 21 small banks and ten commercial insurance intermediaries. It also commenced a consultation exercise on its proposed guidance on financial crime systems and controls.

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Five banks fined $3.3 billion for forex manipulation

Regulators in the United States, Britain, and Switzerland penalized five banks $3.3 billion for rigging foreign-exchange benchmarks.

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Get ready for UK extractive industries disclosure rules

Image courtesy of the Houses of Parliament Flicker streamThe UK government recently announced the publication of draft legislation entitled “Reports on Payments to Governments Regulations 2014." The legislation would require UK-registered mining, quarrying, and logging companies to report on payments they make to governments all over the world, when such payments exceed £86,000 ($137,000) in a financial year.

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SFO close to decision on charges for ex-Barclays bankers

The UK Serious Fraud Office could decide "as soon as next month" whether to charge former Barclays executives over undisclosed payments the bank made to Qatar's sovereign wealth fund in 2008, when the Bank was trying to raise money during the credit crunch.

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PEPs and EDD: Charlotte Hill on the FCA's annual AML report

The UK's Financial Conduct Authority issued its second anti-money laundering annual report in July, emphasizing obligation to prevent financial crime and enhance AML systems and controls in specific ways.

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