‘TikTok lawyer’ Akhmed Yakoob faces serious money laundering offences: What law firms should be doing now
Birmingham solicitor Akhmed Yakoob has been charged by the UK’s National Crime Agency (NCA) with three money laundering offences: money laundering, encouraging money laundering and contravening a requirement to apply customer due diligence measures when establishing a business relationship. The alleged conduct took place between February 2020 and January 2021. Also charged with the […]
£120,000 fine for Southend law firm over long-term AML failures is a stark lesson in the importance of AML risk assessments
Southend-based law firm Tolhurst Fisher LLP was slapped with a £120,000 fine, with additional costs of £25,290, for failing to implement a firm-wide AML risk assessment over a period spanning more than 15 years. The Solicitors Disciplinary Tribunal (SDT) concluded that between June 2017 and January 2024, Tolhurst Fisher had failed to “conduct or […]
Italy’s $3.3 billion lawsuit against Google is a warning sign for companies of all sizes
A $3.3 billion (€3 billion) lawsuit filed in Italy against Google is the latest in a string of antitrust challenges targeting one of the world’s largest tech companies. The claim, brought by Italian comparison-shopping site operator Moltiply Group, accuses Google of abusing its dominant position in the search market to unfairly suppress competition, specifically targeting […]
TikTok’s €530 million GDPR fine should be a wake-up call for global data transfers
TikTok was hit with a massive €530 million ($600 million) fine by Ireland’s Data Protection Commission (DPC) for violating the EU’s GDPR. The penalty is the third-largest ever under GDPR and reflects increasing pressure from European regulators on Big Tech’s data handling practices. Why was TikTok fined? The fine, which includes about $550 million for […]
Cyberattacks wreak havoc on major UK retailers: Is your cyber security at risk?
The recent cyberattacks on major UK retailers including Marks & Spencer (M&S) and Co-op have caused at least £30 million in losses, disrupted business, and exposed critical vulnerabilities in the retail sector’s cybersecurity infrastructure. George Glass, a cyber threat expert at Kroll, said the three incidents could be the work of Scattered Spider, a […]
TD Bank’s recent AML leadership overhaul is a wakeup call for the financial services sector
Following mounting scrutiny in recent years over several AML-related issues and regulatory investigations, TD Bank is in the spotlight once again — but this time, for trying to turn the page. As the bank works to restore trust and regulatory confidence, its new global anti money laundering chief Jacqueline Sanjuas announced the sweeping leadership overhaul […]
New Higher Education (Freedom of Speech) Act could reshape university policies
The introduction of the Higher Education (Freedom of Speech) Act 2023 marks an important moment for universities and colleges in England. The Act introduces significant changes aimed at strengthening protections for free speech and academic freedom in higher education. Alongside the recent Supreme Court judgment on free speech and updated guidance from the Equality and […]
Hong Kong identified by the FBI as a top destination for fraudulent wire transfers
The FBI identified Hong Kong as the top destination for fraudulent wire transfers in its recently released Internet Crime Report 2024. Other top international destinations for fraudulent wire transactions in 2024 included Vietnam, Philippines, India and China. The report highlighted $16.6 billion in losses reported to the Internet Crime Complaint Center (IC3) in 2024, a […]
Yorkshire law firm fined £36K for anti-money laundering failures
Huddersfield-based Holden Smith Law has been fined over £36,000 by the Solicitors Regulation Authority (SRA) for failing to meet anti-money laundering (AML) obligations. The penalty came following a thorough investigation that uncovered serious compliance failures over a five year period. What happened? The Solicitors Regulation Authority (SRA) investigated the firm’s AML practices and uncovered a […]
New proposals for ethnicity and disability pay gap reporting could reshape pay transparency: is your business ready?
In a significant move towards greater workplace equality, the UK Government has launched a public consultation on introducing mandatory ethnicity and disability pay gap reporting for certain employers. If implemented, these new measures would build upon the current gender pay gap reporting framework while also introducing some distinct requirements tailored to ethnicity and disability data. […]
