Featured Jurisdictions

Casino company Caesars Entertainment fined record £13m for compliance violations

A casino company has been fined a record £13m by the Gambling Commission for failures relating to VIP schemes that the regulator is considering banning. Three senior managers at Caesars Entertainment, which has 11 casinos in UK cities and seaside towns, will also lose their licence to run a… Read More

Ask for a selfie: UK financial watchdog eases rules in pandemic

Financial firms can ask customers for a selfie to check their identity, Britain’s markets watchdog said in a bid to ease burdens on staff having to work from home during the coronavirus lockdown. The Financial Conduct Authority (FCA) said it has received hundreds of requests from trade associations for adaptions… Read More

U.K. Regulator Fines KPMG, Partner for Audit Failures

A U.K. regulator on Thursday reprimanded and fined KPMG and one of its former partners for a lack of “professional skepticism” and a failure to obtain sufficient verification to do an accurate audit. The actions by the Financial Reporting Council, which oversees accounting and audit in Britain, come as concerns… Read More
3rd April 2020
The Financial Action Task Force (FATF) has labeled the United States’ steps against money laundering and terror financing with digital currencies as “largely compliant.” In a report published on Tuesday, the intergovernmental evaluated the country’s measures for anti-money laundering (AML) and counter-terror financing (CTF) in areas across the digital… Read More
3rd April 2020
When the World Health Organization released a statement on March 9 recommending that people turn to cashless transactions to fight the spread of Covid-19, a number of governments and retailers across the world took action.  In China, thousands of banknotes were destroyed or disinfected to eliminate the spread of… Read More
3rd April 2020
A Russian state-owned fund that says it footed half the bill of a coronavirus aid shipment delivered to the U.S. on Wednesday has been on a U.S. Treasury restricted lending list since 2015. The Russian Direct Investment Fund, a $10 billion sovereign-wealth fund started by Russian President Vladimir Putin in… Read More
3rd April 2020
U.S. lawmakers plan to unveil a bill this week to give the Trump administration the power to impose sanctions on foreign officials who distort information about the coronavirus, amid accusations that China misled the world over the scope of the deadly disease. Republican Senators Tom Cotton and Josh Hawley drafted… Read More
3rd April 2020
Amid the turmoil of the coronavirus epidemic, Airbus’s multi-jurisdictional settlement of bribery charges for €3.6 billion in January may, in the scheme of things, prove to be a small dent in the finances of a company which now has to contend with a catastrophic fall in demand for air… Read More
3rd April 2020
Westpac Banking Corp. career banker Peter King has just taken on one of the hardest jobs in Australian banking. As well as navigating Australia’s oldest bank through its first recession in a generation, King must restore the lender’s battered reputation after allegations of a massive breach of anti-money laundering… Read More
3rd April 2020
Europe’s top banking regulator is instructing financial institutions to pay closer attention to transactions linked to international trade, as the effects of Covid-19 prompt criminal groups to seek new ways of moving illicit funds and goods across borders. In a series of statements issued on Tuesday evening, the European Banking… Read More
2nd April 2020
The FATF (Financial Action Task Force) has issued a statement highlighting the need for financial institutions to stay alert to potential financial crime risks as criminals and terrorists seek to exploit coronavirus-related fears. “Criminals are taking advantage of the Covid-19 pandemic to carry out financial fraud and exploitation scams,”… Read More
2nd April 2020
Top U.S. banks have threatened to give the federal government’s small-business rescue program a miss on concerns about taking on too much financial and legal risk, five people with direct knowledge of industry discussions told Reuters. Seeking to help millions of small businesses whose operations have either shut down or… Read More
2nd April 2020
Last year, the Financial Action Task Force (FATF), the international standard setter for anti-money laundering and counterterrorist financing (AML/CFT), celebrated its 30th anniversary. Accompanying the celebrations, the group made a statement in which it committed to promoting financial inclusion through the proportionate and effective implementation of its standards. This… Read More