Seatrium’s settlement: The high cost of corruption and the long shadow of operation car wash
In what may be Singapore’s largest corruption-related settlement to date, offshore and marine engineering giant Seatrium has agreed to pay a huge, multi-million dollar settlement to resolve bribery allegations stemming from Brazil’s sweeping Operation Car Wash investigation. The deal involves $110m payable to Singapore under a deferred prosecution agreement (DPA) and a further $131m to […]
Sanctions compliance in 2025: What OFSI’s proposed enforcement reforms mean for UK businesses
The UK government is signalling a sharper, more assertive approach to sanctions enforcement. Businesses need to pay attention On July 22, 2025, the Office of Financial Sanctions Implementation (OFSI) published a major consultation paper proposing reforms that could transform how civil breaches of financial sanctions are investigated and penalised in the UK. The changes […]
The £173K mistake: How one law firm missed a PEP and paid the price
A routine property transaction. A prestigious law firm. A missed red flag. A six-figure fine. The story of Taylor Vinters’ anti money laundering (AML) breach is not just a cautionary tale but a stark reminder of the rising expectations regulators now place on legal and financial firms handling high-risk clients, especially politically exposed persons […]
Ransomware escalation and AI risks: Did we just get a cyber security wake-up call?
In the wake of a rapidly evolving ransomware campaign exploiting vulnerabilities in Microsoft’s SharePoint server software, it’s becoming increasingly evident that the era of low-impact cyberattacks is over. The campaign, linked to the threat group dubbed Storm-2603, has now extended into ransomware deployment and its crippling networks, paralysing operations and exposing a glaring truth: […]
Lessons from a GDPR fine: McDonald’s Poland and the high cost of processor oversight failures
The Polish Data Protection Authority (UODO) recently issued a GDPR fine of over €3.8 million to McDonald’s Poland, along with additional penalties for its processor, 24/7 Communication Sp. The enforcement action offers a sharp reminder that outsourcing data processing does not outsource accountability. At the heart of this breach was a fundamental failure of […]
Inside Barclays’ AML breakdown: Lessons from the FCA’s £42m fine
Barclays Bank has once again come under the regulatory spotlight, this time with a hefty £42 million fine imposed by the Financial Conduct Authority (FCA) for serious lapses in money laundering risk management. The fine, split between two cases involving WealthTek and Stunt & Co, serves as a cautionary tale for all financial institutions, mainly […]
P&L goes public: What the 2027 disclosure rules mean for your law firm
From April 2027, a major shift in corporate transparency will reshape how law firms and all limited companies and LLPs present themselves to the world. Under the Economic Crime and Corporate Transparency Act (ECCTA), these businesses will be legally required to file full profit and loss (P&L) accounts with Companies House. Even small and […]
Case study: How a simple email breach shook the UK Government and sparked a £6bn crisis
In one of the most shocking and expensive cyber security failures in British history, a simple data handling error by a UK defence official triggered a national security crisis, led to the secret relocation of nearly 24,000 Afghan nationals and exposed fundamental vulnerabilities in government systems. This event is a powerful wake-up call for […]
Wise US’s $4.2M AML/CFT settlement: A wake-up call for fintech and financial services firms?
What happened, why it matters and how companies can avoid the same fate The US subsidiary of global fintech giant Wise agreed to a $4.2 million settlement with six state financial regulators. The penalty stems from serious deficiencies found in the company’s anti-money laundering and countering the financing of terrorism (AML/CFT) program during a […]
Leading law firms meet up at AML core group to discuss best practices, hear Ray Blake and more
This past Thursday, July 10, Vinciworks held another in its successful series of AML core group meetings hosted and facilitated by the VinciWorks and Compliance Office team. These meetings have served to create a tight and powerful community of AML professionals in the world’s leading law firms. They have also become an opportunity for these […]
