Topic: Compliance

FCA introduces anti-greenwashing disclosure and labelling rules

The Financial Conduct Authority is proposing new rules to tackle misleading sustainability labels on investment products, in what has been called a “change of rhetoric” from the UK regulator.

26 October 2022

Practitioners and BoE cautiously greet UK plans to axe bonus cap

The British government is reportedly looking to abolish limits on bankers’ bonuses, in what practitioners tell GBRR would be a “high-profile” departure from EU regulatory standards.

21 September 2022

HSBC freed of 10-year Fed order

The US Federal Reserve has ended a 10-year-long enforcement action against HSBC for failures in its anti-money laundering procedures.

07 September 2022

“Business as usual”: Sberbank’s Swiss and Kazakh arms change hands following sanctions

Russia’s largest bank has sold its subsidiaries in Switzerland and Kazakhstan, over six months after the country’s invasion of Ukraine prompted international sanctions.

05 September 2022

Greylisted UAE takes Wise to task for AML failures

The financial regulator of Abu Dhabi’s free zone has fined fintech Wise for a series of poor money laundering controls, months after the FATF cited the UAE’s lax enforcement against money laundering in its decision to greylist the country.

01 September 2022

FCA fines Citi over MAR implementation failures

Citigroup Global Markets has accepted a fine from the UK’s Financial Conduct Authority, after the regulator ruled it failed to properly implement the EU’s Market Abuse Regulation in time.

22 August 2022

ASIC admits “challenges” to breach reporting rules

Australia’s securities regulator has acknowledged “challenges” with its 10-month-old breach reporting regime, promising a disgruntled industry that compliance will get easier – as the country’s prudential regulator simultaneously updates its credit risk reporting standard.

11 August 2022

Saudi Arabia unveils shariah compliance overhaul

Saudi Arabia’s capital markets regulator has issued a set of rules aiming to streamline how sharia compliance is monitored in the Kingdom, with the status quo creating “uncertainty” in how products are classified.

28 July 2022

US House passes “most significant reform since PATRIOT Act”, enlarging AML monitoring network

The US has expanded the scope of institutions subject to anti-money laundering and sanctions rules, a legislative reaction to last year’s Pandora Papers exposé.

21 July 2022

Canadian regulator demands banks produce “comprehensive” plans for technology and cyber risk

Canada’s financial regulator will require banks to set up plans for technology development and cyber security, according to its latest guidance.

14 July 2022

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