Featured UK

Anti-money laundering compliance costs hit $25 billion annually – study

The cost of AML compliance across U.S. financial services firms equaled $25.3 billion per year based on survey responses from more than 150 decision-makers at banks, investment, asset management and insurance firms, according to a new study. The report shows that smaller firms are hit hardest, relative to their bottom… Read More

UK watchdog proposes tougher rules for property funds

Investment funds in commercial property should suspend trading when valuations become uncertain, Britain’s Financial Conduct Authority proposed on Monday in draft rules to apply lessons from a market run after the Brexit vote. The FCA proposed a package of rules and guidance for funds that hold illiquid assets including commercial… Read More

UK tells EU – give the City access to EU or your financial firms could suffer: Guardian

Britain has warned the European Union negotiators that EU financial firms will face obstacles to working in the country after Brexit unless the City of London is allowed to operate in the bloc as it does currently, the Guardian reported on Monday. The Guardian said that about 7,000 European based… Read More
16th October 2018
The cost of AML compliance across U.S. financial services firms equaled $25.3 billion per year based on survey responses from more than 150 decision-makers at banks, investment, asset management and insurance firms, according to a new study. The report shows that smaller firms are hit hardest, relative to their bottom… Read More
16th October 2018
Britain’s financial regulator has fired a warning shot at payday lenders amid a rise in complaints about unaffordable loans and following the collapse of Wonga earlier this year. The Financial Conduct Authority (FCA) said on Monday that it had sent a so-called “Dear CEO” letter to providers of high-cost short-term… Read More
15th October 2018
The United Kingdom is to produce a new format of its £50 note which it said will make it harder for criminals to counterfeit, amid a rising demand for the denomination. According to a government statement, Bank of England evidence shows that demand for the note is ‘continuing to rise.’… Read More
15th October 2018
Saudi Arabia on Sunday warned against threats to punish it over last week’s disappearance of journalist Jamal Khashoggi, as European leaders piled on pressure and two more U.S. executives scrapped plans to attend a Saudi investor conference. Khashoggi, a U.S. resident and Washington Post columnist critical of Riyadh’s policies, disappeared… Read More
15th October 2018
Barclays Plc is launching a retail account that will offer U.S. consumers a low-cost, digital-only bank with the backing of a major financial institution, the Financial Times reported on Sunday. The move will put the London-based bank in competition with Goldman Sachs Group Inc’s new Marcus Brand in the digital… Read More
10th October 2018
The US Department of Justice has fined HSBC $765 million over its sale of mortgage-based securities, which resulted in buyers being mislead and investors suffering heavy losses. Residential mortgage-backed securities were a major cause of the 2008 financial crisis, which saw the crash of the US housing market. The DoJ… Read More
9th October 2018
Investment funds in commercial property should suspend trading when valuations become uncertain, Britain’s Financial Conduct Authority proposed on Monday in draft rules to apply lessons from a market run after the Brexit vote. The FCA proposed a package of rules and guidance for funds that hold illiquid assets including commercial… Read More
8th October 2018
British-based electronic-money firms or institutions (EMIs) are adhering to government requirements for conducting customer due diligence (CDD) checks for the detection and prevention of money laundering, the United Kingdom’s Financial Conduct Authority has found. In its new thematic review of the e-money sector, it said it found that ‘all such… Read More
8th October 2018
Britain’s accounting watchdog said on Monday it may ban accounting firms from providing consultancy work to firms whose books they check. Under pressure from lawmakers to toughen up supervision of accountants after collapses at outsourcer Carillion and retailer BHS, the Financial Reporting Council announced a new “strategic focus” to ensure… Read More
5th October 2018
A former employee at an HSBC (HSBA.L) branch has been sentenced to 18 months in jail for handing over confidential details of three customer accounts to criminals, London’s Metropolitan Police said in a statement, resulting in the theft of more than 67,000 pounds. The investigation started in March 2016 when… Read More
Must Read

EU adopts Sixth Anti-Money Laundering Directive EU 6AMLD, deadline set

Countries across the European Union will have two years to implement a new system of jail sentences and sanctions for money launderers following the formal adoption of the EU’s latest anti-money laundering directive, dubbed 6AMLD (Sixth Anti-Money Laundering Directive) on 11 October 2018. Once the directive is published in the… Read More

Anti-money laundering compliance costs hit $25 billion annually – study

The cost of AML compliance across U.S. financial services firms equaled $25.3 billion per year based on survey responses from more than 150 decision-makers at banks, investment, asset management and insurance firms, according to a new study. The report shows that smaller firms are hit hardest, relative to their bottom… Read More