A new episode of RT Plus is available now to stream and download. In this episode, Katie Stephen, Co-Head of the Contentious Financial Services Group in London, is joined by Rebecca Dulieu, Senior Associate, to discuss the FCA’s recent Policy Statement on issuing statutory notices, under which the FCA is reforming its decision-making process. Katie … Continue Reading
As 2021 draws to a close, we look ahead to the trends and new requirements that we may see over the next twelve months for financial institutions (FIs) in the white collar crime sphere as regulators, legislators and individuals continue to adapt to the pandemic and prevailing public opinion. 1. An increase in fraud-related investigations … Continue Reading
On 6 December 2021, the Biden Administration released its strategy on countering corruption (the Strategy) along with an accompanying fact sheet, building on President Biden’s earlier announcement that he viewed the fight against corruption as one of the core U.S. national security priorities. The five-point strategy places particular focus on a coordinated international approach to … Continue Reading
UK regulators have sent strong messages to financial institutions operating manipulative trading practices. As at 31 March 2021, the Financial Conduct Authority had 17 market manipulation cases open according to its 2020-21 Annual Report and the Office of Gas and Electricity Markets has also made it clear that market manipulation will not be tolerated. To … Continue Reading
On 13 December 2021, HM Treasury published guidance for the UK Sanctions List as its structure and the format is changing in February 2022. The guidance is for businesses and industry that regularly use the UK Sanctions List and the Office of Financial Sanctions Implementation (OFSI) consolidated list and need to understand the change to … Continue Reading
On 10 December 2021, the UK Finance published its 2021 Financial Abuse Code. The Code was launched in 2018 to increase awareness and understanding amongst firms and their staff of financial abuse and how to recognise it. It has now been revised and aligned with recent legislative and regulatory developments including the Financial Conduct Authority’s Guidance … Continue Reading
The United States Department of Justice (DOJ) and Securities and Exchange Commission (SEC) have recently reiterated their focus on fighting corporate crime (see here and here our more detailed articles on these developments). In particular, the US authorities have: renewed their focus on holding individuals accountable for corporate crime (as well as companies); committed to … Continue Reading
On 23 November 2021, the European Securities and Markets Authority published its annual report on administrative and criminal sanctions, as well as other administrative measures, issued across the European Union under the Market Abuse Regulation in 2020. The annual report describes an increase in the number of administrative sanctions and measures in 2020 compared to … Continue Reading
On 18 November 2021, the Payment Systems Regulator (PSR) issued a consultation paper setting out proposals intended to stop Authorised Push Payment (APP) scams. The PSR notes that APP scams are a major and growing problem in the UK. Every year thousands of individuals and businesses fall victim to APP scams where they are tricked … Continue Reading
A new episode of RT Plus is available now to stream and download. This episode features Celia Cohen and Samuel Ramer, both of whom are partners in NRF’s US practice. This podcast will be of particular interest to US based firms but also to non-US firms that have some dealings with the US. In this … Continue Reading
One of the key risks that financial institutions both sides of the pond are currently grappling with relates to the use by employees of “off-channel” communications. These are typically communications not monitored by the institution and not retained under various regulators’ business records requirements. Despite most companies having a policy that prohibits the use … Continue Reading
On 30 September 2021, the FCA published a Warning Notice Statement (21/2) in respect of Warning Notices that it had issued to three unnamed individuals on 10 August 2021 relating to their involvement in what the FCA describes as a pension scam. The FCA explained in the Warning Notice Statement that it considers that these … Continue Reading
On 7 October 2021, the FCA published an analysis of the annual financial crime data returns (REP-CRIM) for the 3 reporting periods between 2017 – 2020. For these periods the FCA received a total of 5,685 REP-CRIM submissions from over 2,300 different firms. The key observations of the analysis include: Firms reported approximately 89,000 Politically … Continue Reading
On 30 September 2021, UK Finance published Anti-Bribery and Corruption Compliance – Definition of public officials. The purpose of the paper is to establish practical and risk-based guidance on the definition of public officials for the purposes of anti-bribery and corruption (ABC) compliance. The paper has been written with a UK legislative lens but is … Continue Reading
On 21 September 2021, HM Treasury published a document which summarises responses to the Economic Crime Levy (ECL) consultation, the government’s response to points raised and next steps. At the Budget 2020 the government announced it would introduce a new levy to be paid by entities subject to the Money Laundering, Terrorist Financing and Transfer … Continue Reading
The High Court has recently held that a forensic report prepared as part of an internal investigation was not protected by litigation privilege. In The State of Qatar v Banque Havilland [2021] EWHC 2172 (Comm), David Edwards QC ordered the report and associated working papers within the defendant’s control to be disclosed on the basis … Continue Reading
On 5 August 2021, the UK’s Office of Financial Sanctions Implementation (OFSI) announced that it has imposed a penalty on TransferGo Limited (TransferGo) of £50,000 for issuing payments to accounts held at the Russian National Commercial Bank (RNCB) in violation of EU sanctions against Crimea (in breach of Council Regulation (EU) No 269/2014, as enforced … Continue Reading
On 20 July 2021, the European Securities and Markets Authority (ESMA) issued its latest report in the use of supervisory sanctions by Member State competent authorities (NCAs) under the UCITS IV Directive. The report has been prepared in accordance with Article 99e(1) of the UCITS IV Directive and covers the period from 1 January 2020 … Continue Reading
On 20 July 2021, the European Securities and Markets Authority (ESMA) issued its second annual report on the use by Member State competent authorities (NCAs) of sanctions under the Alternative Investment Fund Managers Directive (AIFMD). The report has been prepared in accordance with Article 48(3) AIFMD. It contains information on the penalties and measures imposed … Continue Reading
On 19 July 2021, the European Securities and Markets Authority (ESMA) published its third report on the use of sanctions and measures by Member State competent authorities (NCAs) under MiFID II. Overall, in 23 (out of 30) EU/EEA Member States, NCAs imposed a total of 613 sanctions and measures in 2020 for an aggregated value … Continue Reading
On 2 June 2021, the Crown Prosecution Service (CPS) updated its guidance on prosecuting failure to report cases under s330 Proceeds of Crime Act 2002 (POCA). Prior to the update, the CPS did not charge failure to report offences under s330 POCA where there was insufficient evidence to establish that money laundering was in fact … Continue Reading
Remote working has accelerated the merger of work and private data, particularly on mobile phones and instant messaging services such as WhatsApp. While employees are performing their jobs, mobile access may be putting their employers at risk – because work-related communications on unapproved platforms are frequently not preserved in accordance with regulatory requirements (where applicable), … Continue Reading
On 25 May 2021, there was published on legislation.gov.uk The Regulation of Investigatory Powers (Criminal Conduct Authorisations) (Amendment) Order 2021 together with an explanatory memorandum. The statutory instrument makes consequential amendments to various Orders and Regulations made under the Regulation of Investigatory Powers Act 2000. These amendments are necessary to reflect changes made to the … Continue Reading
On 12 May 2021, Advocate General Hogan issued his opinion in the first case by the Court of Justice of the European Union (CJEU) considering the Blocking Regulation. The Opinion, in Case C-123/20 Bank Melli Iran v Telekom Deutschland GmBH [2018], sets out proposals for how the CJEU should respond to a reference from the Regional … Continue Reading
