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Brexit inertia means London’s finance workers face summer slump

The weeks before Easter are usually some of the busiest of the year for bankers, lawyers and consultants in the City of London, as clients rush to get deals done before a run of public holidays. But this year comparatively little has been happening. City workers had been hoping the… Read More

In 2018 Audit, Deutsche Bank Saw High Risk of Ties to Russian Money Laundering

Deutsche Bank “very likely” processed illicit transactions linked to a massive Russian money laundering network that the lender was unaware of until media reports of it surfaced, a leaked audit report concluded last year. The “strictly confidential” report by the bank’s supervisory board audit committee determined that the institution’s… Read More

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

16th April 2019

UK Launches 5AMLD Consultation with Eye on Post-Brexit Era

The United Kingdom is seeking input on its planned implementation of the European Union’s fifth anti-money laundering directive (5AMLD) as the government continues to negotiate an exit from the economic bloc. In a consultation paper published Monday, HM Treasury said it would seek stakeholder commentary on the directive through… Read More

15th April 2019

Council of Europe Urges Swift Action on Money Laundering, Citing Baltics and UK

European lawmakers are urging financial institutions and governments to address dozens of legal and supervisory shortcomings they say contributed to the proliferation of massive money laundering schemes in recent years. In a resolution adopted Thursday, the Council of Europe’s Parliamentary Assembly said that recent money laundering schemes linked to… Read More

14th April 2019

UK fears Brexit could hurt global hunt for new BoE governor

British finance minister Philip Hammond has fired the starting gun for the race to succeed Bank of England Governor Mark Carney, but concerns about Brexit may keep some potential contestants on the sidelines. Britain is unusual in throwing open the invitation to run its central bank to candidates from around… Read More

12th April 2019

OFAC Fines UK Subsea Service Co. for Violating Cuba and Iran Sanctions

A British subsea service provider and its affiliates have agreed to improve their sanctions compliance controls and pay $441,000 for willfully violating US prohibitions on doing business with Cuban and Iranian entities. Norwich, England-based Acteon Group Ltd, its British offshore engineering subsidiary and two Malaysian affiliates will pay nearly $228,000… Read More

12th April 2019

Gold refiners to get dedicated LBMA committee after complaints

The London Bullion Market Association (LBMA) plans to create an official committee for gold and silver refineries, after some complained their interests were being ignored. The LBMA, which oversees London’s $10 trillion-a-year gold market and sets standards for the world’s biggest refineries, has tightened its rules on the sourcing of… Read More

11th April 2019

Trick or treat? EU, UK agree to delay Brexit until Halloween

AP — As if Brexit hadn’t spooked Britain and the European Union enough over the past three years, the two sides agreed early Thursday to extend the deadline to Halloween. The new, Oct. 31 cutoff date averts a precipitous and potentially calamitous Brexit that had been scheduled for Friday. “Please,… Read More

10th April 2019

Standard Chartered Settles Sanctions, AML Violations for $1.08bn

London-based Standard Chartered Bank will pay $1.08 billion to settle sanctions and anti-money laundering violations uncovered by US and UK investigators in a deal that will extend its deferred prosecution agreement through April 2021. Of that its total monetary outlay, $947 million will go to resolve investigations by the US… Read More

9th April 2019

London judge discharges jury in landmark Barclays Qatar case

A London jury has been discharged in a landmark fraud trial of four former Barclays executives accused of paying Qatar undisclosed fees to help rescue the bank at the height of the credit crisis in 2008. Judge Robert Jay told the jury at Southwark Crown Court on Monday he was… Read More

9th April 2019

UK royal, US ambassador tout tech tools to tackle human trafficking

Britain’s Princess Eugenie and U.S. anti-trafficking Ambassador John Richmond joined forces on Monday, calling for technologies from smartphone apps to blockchain to disrupt the modern-day slave trade as more victims worldwide are exploited online. From recruiting and advertising on social media platforms to controlling victims via their mobile phones and… Read More

9th April 2019

Standard Chartered expected to pay just over $1 billion to resolve U.S., U.K. probes

London-based Standard Chartered is expected to pay slightly more than $1 billion to resolve a nearly five-year-old investigation of potential U.S. sanctions violations tied to its banking for Iran-controlled entities in Dubai, as well as a related U.K. probe, according to a person familiar with the matter. Authorities are aiming… Read More

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