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 […]
EU sanctions Garantex. Is this a watershed moment for crypto?
The EU took a big step in its financial battle against Russia. It imposed sanctions on Garantex, a Russian cryptocurrency exchange closely tied to sanctioned Russian banks. This marks the first time the EU has directly sanctioned a crypto exchange and highlights global finance’s increasing scrutiny on digital assets. The move is part of the […]
How a cryptocurrency managed to lose $1.5B. It’s easier than you think
A cautionary tale that involves North Korean hackers and lapses in crypto security. The New York Times reports on a fascinating and frightening story of the cryptocurrency exchange Bybit which lost $1.5 billion to North Korean hackers. It all happened last month when Ben Zhou, Bybit CEO, logged in to approve what seemed like a […]
What do you need to know about the EU’s new Anti-Money Laundering Authority?
EU AMLA is a regulatory body designed to centralize and strengthen anti-money laundering and counter-terrorist financing (AML/CTF) supervision across EU member states. Set to be fully operational by late 2025, many are saying its establishment indicates a bold step on the part of the EU in the fight against financial crime. So, what do you […]