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SFO Tells Corporations How to Cooperate in Ongoing Investigations

Companies facing potential prosecutions by the UK’s Serious Fraud Office (SFO) should organize related financial records for investigators, identify relevant witnesses and waive pertinent legal privileges, according to new agency guidance. The recommendations, published Tuesday, outline how corporations can cooperate with the SFO ahead of any decision to prosecute… Read More

Money Laundering in UK Professional Services Sectors Not Understood: RUSI

UK officials and professional services providers are failing to share sufficient information on the risks posed by money launderers seeking to the exploit firms in the country, according to research published Tuesday by the Royal United Services Institute (RUSI). The London-based think tank based its analysis on the findings of… Read More

EU Recommends AML Measures for Six Countries

The European Commission on Wednesday called on six EU member-states to bolster their anti-money laundering (AML) supervisory and enforcement efforts in light of recent bank scandals and the risks of crypto-assets. The requests highlight recent efforts by Denmark, Estonia, Latvia, Bulgaria, Sweden and Malta… Read More

15th May 2019

Citing Rise in Serious Crime, UK Agency Seeks 50 Percent Budget Increase

Facing unprecedented pressure to clamp down on criminal groups, UK law enforcement officials are in need of an additional £2.7 billion in funding over the next three years, the head of the National Crime Agency (NCA) said Monday. The agency is seeking a 54-percent increase in its annual budget, which… Read More

29th April 2019

Zurich Life Insurance Co. to Pay $5 Million for Client Tax Dodging

Zurich Life Insurance Company and its Isle of Man-based affiliate will pay the US Justice Department $5.1 million for failing to stop clients from evading American tax obligations through their services. From January 2008 through June 2014, the companies maintained approximately 420 US-linked policies, worth an aggregate $102 million, for… Read More

29th April 2019

Uptick in Trump white collar prosecutions may ease lawyers’ pain

An uptick in white-collar prosecutions by the Trump administration could bring relief to high-end defense lawyers, who have been searching for work after years of declining federal prosecutions. Many white-collar lawyers have been fretting about their caseloads since the Trump administration took charge of the U.S. Department of Justice, worrying… Read More

18th April 2019

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

23rd January 2019

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

16th October 2018

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

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