About Events Contact

Insurance

Reset Filter

Jurisdictions

Industry Sectors

Predicate Crimes

Enforcement

Regulatory Update

Featured Insurance

Two UK Agencies Outline Plans to Fight Financial Crime in 2020

The UK in the coming year will seek to extend a senior management accountability program to new firms, toughen its oversight of professional bodies and reform how it processes suspicious activity reports, two agencies disclosed. The Financial Conduct Authority (FCA) said in a 2019/2020 business plan published Wednesday that… Read More

China banking regulator strengthens banks’ overseas compliance management

China’s banking and insurance regulator issued guidelines on Tuesday to strengthen banks’ overseas compliance management. It will pay special attention to country risk, anti-money laundering and counter terrorism risks, the China’s Banking and Insurance Regulatory Commission said in a statement on its website. (Reporting by Shu Zhang and Beijing Monitoring… Read More

Insurer Anthem will pay record $16M for massive data breach

AP — The nation’s second-largest health insurer has agreed to pay the government a record $16 million to settle potential privacy violations in the biggest known health care hack in U.S. history, officials said Monday. The personal information of nearly 79 million people — including names, birthdates, Social Security… Read More

16th July 2018

U.S. sanctions seen barring IT platform of insurer Lloyd’s for Iran trade

New U.S. sanctions are likely to prevent the use of a Lloyd’s of London IT platform for any Iran insurance, adding to difficulties for European insurers providing cover for the country. European insurers, reinsurers, brokers and shipping firms have been winding down Iranian business as the United States reimposes sanctions… Read More

18th June 2018

Chinese insurance regulator admits guilt in graft case

AP — China’s former chief insurance regulator has pleaded guilty to taking bribes over 12 years in exchange for helping people obtain loans, promotions and other favors, a state news agency reported. Xiang Junbo was the highest-ranking figure in Chinese finance to be ensnared in an anti-graft… Read More

29th January 2018

UK: New accountability rules for insurance sector – date set

The United Kingdom has extended its Senior Managers and Certification Regime (SMCR) to the insurance sector, making top insurance executives personally accountable for misconduct at their firms, Treasury said on Monday. Under the new rules, a code of conduct will be set out for all staff, and workers that… Read More

26th January 2018

Regulation heavyweight tells FCA ‘heads should roll’ over Priips

A leading figure in fund regulation has written to the Financial Conduct Authority (FCA) slamming packaged retail and insurance-based investment products (Priips) legislation. Philip Warland, who left his post as director of policy at Fidelity International at the start of last year and now serves as senior adviser to the… Read More

14th December 2017

Bahamas ‘shooting itself in foot … going beyond AML standard’

By Neil Hartnell, Tribune 242 Fears were raised again yesterday that the Bahamas could be “shooting ourselves in the foot” by including general and captive insurers within its anti-money laundering regime. Emmanuel Komolafe, the Bahamas Insurance Association’s (BIA) chairman, urged the Government to provide the “benchmarking” studies and data to… Read More

30th August 2017

Banks seeking more insurance over cyber attacks, rogue staff

Banks are increasingly turning to insurance to protect their capital from ‘operational risks’ like cyber attacks and rogue traders, and insurers say they can help safeguard lenders by providing an extra layer of expertise. After a spate of expensive court cases and IT outages, banks including Credit Suisse, Deutsche Bank… Read More

23rd August 2017

Identity theft reaching epidemic levels, says UK anti-fraud group

Identity theft has reached epidemic levels in the UK, with incidents of this type of fraud running at almost 500 a day, according to the latest figures. During the first six months of this year there were a record 89,000 cases of identity fraud, which typically involves criminals pretending to… Read More

Stephen Platt, Chair of the KYC Technologies Group, on the impact of tech on AML compliance

Stephen Platt, Chairman of KYC Technologies, offers an optimistic perspective on the impact of technology on AML compliance. Read More

1st March 2017

DOJ issues new compliance program evaluation guidance

Earlier this month, the Fraud Section of the U.S. Department of Justice (DOJ) published its Evaluation of Corporate Compliance Programs (Evaluation Guidance). Although issued without fanfare, the Evaluation Guidance represents the latest in a series of important communications by the Fraud Section outlining the DOJ’s expectations for effective corporate compliance programs. Read More

27th February 2017

UK: Cyber attacks against financial services cost consumers £8bn in 2016, research reveals

Online financial services and lending companies are increasingly being targeted by fraudsters and costing consumers millions of pounds around the world last year alone, according to research. Read More

Must Read

EU watchdogs give banks no leeway on Brexit-driven hub demands

Brazil court trims Lula sentence, opening door to partial detention

Iran says ready for U.S. waivers end, as Guards threaten to shut Hormuz

California bill encourages banks to work with pot businesses

ING shareholders vote down motion on management liability