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 […]
EHRC’s survey on menopause and the workplace is closing soon
The Equality and Human Rights Commission (EHRC) is currently conducting an important survey on menopause and the workplace. Time is running out to share your views on this important topic. The survey will officially close at 5pm on Monday, March 24. This is an excellent opportunity for individuals and employers to provide feedback on workplace […]
US AML regulations are changing. Are they getting stricter or more lax? It’s complicated
The landscape of anti-money laundering (AML) regulation in the US has recently undergone significant shifts with both tightening and loosening in ways that seem misaligned with the real risks. On one hand, regulatory requirements for small transactions are tightening significantly. On the other, corporate transparency measures aimed at tackling large-scale financial crime are being relaxed. […]
Law firms’ fight against economic crime: Unraveling the risks and compliance challenges
At the Law Society’s Risk and Compliance Annual Conference on March 12, a panel was convened to address what is likely one of the most pressing issues for the legal sector: Economic crime. Source of funds/source of wealth checks are a source of frustration In a telling moment that opened the session, the participants voted […]
What is on the SRA’s radar this year?
At the Law Society’s Risk and Compliance Annual Conference on March 12, the Solicitors Regulation Authority (SRA) discussed its key regulatory priorities amidst a rapidly evolving legal landscape. The conference provided a platform to discuss pressing compliance challenges and the SRA’s strategic focus areas. The SRA underscored its commitment to upholding high standards of professional […]
