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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
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
3rd April 2020
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
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
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
The QFC Regulatory Authority (QFCRA) yesterday announced that it had taken action against Horizon Crescent Wealth LLC (HCW) and imposed a fine of QR30,000,000 on it for serious legal and regulatory breaches. The action taken by the QFCRA followed an investigation of HCW identifying significant failings by the firm in… Read More
1st April 2020
One subject never fails to light up the eyes of senior bankers and regulators when they’re questioned about their efforts to end the money laundering-related scandals that have spread across northern Europe over the last two years: technology.  There can be no more damning indictment of the integrity of… Read More
1st April 2020
Not even a pandemic’s relentless spread could stop the prosecution of Turkey’s state-run Halkbank, which pleaded not guilty Tuesday to a record-breaking money-laundering scheme. “First of all, welcome everybody,” said U.S. District Judge Richard Berman, greeting listeners across the globe who called in this morning for the extraordinary hearing. “We… Read More