Two compliance officers in the news
16 Jun 2017

Two former compliance officers made the news in the UK this week—for very different reasons.

Steve Barclay (Barclays)

Steve Barclay, a former Head of Anti-Money Laundering and Sanctions at Barclays, was appointed on Wednesday as the Government’s new City Minister. The portfolio makes him a key player in managing the Government’s relationship with the financial services sector, the mainstay of the British economy. He will also have a role in developing a strategy to stop jobs flowing to other European capitals in light of the UK’s impending exit from the European Union.

Barclay began his career as a solicitor before moving to work in financial regulation, including for the City’s main regulator, the Financial Services Authority. He then moved to Barclays Retail bank to serve as Director of Regulatory Affairs and later as Head of Anti-Money Laundering and Sanctions.

He has previously been critical of the UK’s financial crime prevention regime.

KYC360 congratulates Steve Barclay on his appointment. We take it as a positive sign that the Government does not plan to boost the competitiveness of London post-Brexit by backing away from its commitments to tackle the depressing volume of criminal funds that flow through the capital.

We hope to speak to the Minister in due course about his vision for the regulation of the City.

Fabiana Abdel-Malek (UBS AG London)

This afternoon Steve Barclay’s former employer (or rather its successor), the FCA, announced that it had begun criminal proceedings against a former compliance officer at UBS AG’s London branch. Fabian Abdel-Malek has been charged, along with Walid Anis Choucair, with five counts of insider dealing, which are alleged to have taken place in the year from June 2013. The pair appeared today at City of London Magistrates’ Court and will appear at Southwark Crown Court next month for a Plea hearing. Insider dealing is punishable by a fine and up to seven years in jail.

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