The downside of AI: How to use ChatGPT without getting into trouble
Whether it’s a high school student frantically completing last night’s homework in the remaining few minutes before class, or an overworked, underpaid intern trying desperately to finish his research paper, or a government official who simply does not have enough caffeine in his system to write that damn speech, there are many potential ways to […]
New LSAG guidance raises the bar for AML compliance in legal services
In a move that underscores the UK legal sector’s evolving role in the fight against financial crime, the Legal Sector Affinity Group (LSAG) has released its latest update to the HM Treasury-approved Anti-Money Laundering (AML) guidance, effective April 2025. These changes are not just tweaks. They reflect a deeper recalibration of how firms must approach […]
Is a risk-based approach a necessity for sanctions compliance now?
In a word, yes. In the ever-evolving world of sanctions regulation, the message from the enforcers is becoming increasingly clear: Organisations need a well-designed, risk-based sanctions compliance programme. While the Office of Financial Sanctions Implementation (OFSI) doesn’t mandate a specific compliance framework, its recent enforcement notices strongly underscore the need for firms to develop […]
What does OFSI’s legal services threat assessment mean for the legal sector?
In a first-of-its-kind move, the UK’s Office of Financial Sanctions Implementation (OFSI) has issued a Legal Services General Threat Assessment, shining a light on a sector that is often assumed to be a step removed from the core of sanctions enforcement. But according to the Assessment, legal service providers are actually on the front lines […]
Lessons from a sanctions compliance failure: What we can learn from OFSI’s penalty against HSF Moscow
This past March, the UK’s Office of Financial Sanctions Implementation (OFSI) imposed a £465K penalty on Herbert Smith Freehills CIS LLP (HSF Moscow) for breaches of UK financial sanctions related to Russia’s invasion of Ukraine. The penalty stemmed from six payments totaling nearly £4 million to sanctioned entities, made during a rapid wind-down of HSF’s […]
How ignoring AML red flags landed HSBC in hot water
When it comes to AML compliance, red flags aren’t just warnings. They are flashing neon signs that need immediate attention. And yet, for over a decade, HSBC chose to look the other way. A growing storm of allegations now surrounds the global banking giant, with mounting evidence that it failed to flag hundreds of millions […]
Strengthening the UK’s cyber defenses with a bold new cyber resilience policy
As cyber threats are becoming increasingly sophisticated and pervasive, the UK government has taken a decisive step forward with its Cyber Security and Resilience Policy Statement. The statement, which was just published, outlines a series of legislative proposals designed to fortify the nation’s critical infrastructure against ever-evolving cyber risks. Managing the growing cyber threat Cyber […]
Amid global crackdown, UK strengthens trade sanctions enforcement
In a significant move to bolster the enforcement of trade sanctions, the UK’s Office of Trade Sanctions Implementation (OTSI) has issued comprehensive guidance detailing its enforcement powers. This initiative highlights the UK’s determination to maintain the integrity of its sanctions regime and ensure compliance across various sectors. What is OTSI’s role? Established within the Department […]
Get ready for CASS 15
What do the FCA’s upcoming safeguarding rules mean for your business? The financial industry is bracing itself for a significant regulatory shift. In the first half of this year, the Financial Conduct Authority (FCA) is set to release new safeguarding rules in its Client Asset Sourcebook (CASS). With firms being given a limited timeframe to […]
Corbett Bookmakers is fined for AML failings. Is this a wake-up call for the gambling industry?
The recent fine of £686,070 imposed on Corbett Bookmakers by the UK Gambling Commission can be seen as a stark warning to the gambling industry. The investigation uncovered significant social responsibility and anti-money laundering (AML) failures, reinforcing the significance of regulatory compliance. This case not only highlights the consequences of non-compliance but also underscores the […]
