It has been noted, that in 2022 the number of regulatory enforcement powers exercised by the UK’s Financial Conduct Authority (FCA) increased. Fines issued by
In December 2022, HM Treasury published the “Anti-money laundering (“AML”) and countering the financing of terrorism (“CFT”): Supervision Report 2020-22”. The financial crime report provides
With only five months before the Consumer Duty comes into force, the FCA has issued a letter to payment firms about the need for them
The FCA highlights focus areas for firms in implementing the Consumer Duty With only 6 months till the implementation deadline for the Consumer Duty regulation,
Last week, the threshold for reporting a Defence Against Money Laundering (DAML SAR) changed from £250 to £1,000 in the UK, relevant to banks, deposit
The Financial Conduct Authority (FCA) has fined Guaranty Trust Bank (UK) Limited (GT Bank) £7,671,800 for serious weaknesses in its anti-money laundering (AML) systems and
The FCA held discussions with regulated firms across different industries since they published the final Consumer Duty rules in July 2022. The watchdog identified a
The FCA updated their Consumer Duty page to include additional content on some of the key topics they have been receiving queries on. These include
The number of fines issued by the Financial Conduct Authority more than doubled last year, with 26 fines issued in 2022 compared with just 10
On the 22nd November 2022, the European Banking Authority (EBA) published its final guidelines on the use of remote customer onboarding solutions. These Guidelines set