Topic: Conduct regulation

Has the FCA made individual responsibility in banking a reality?

Statistics recently obtained by Herbert Smith Freehills call into question whether the Senior Managers Regime has been effective in allowing UK regulators to pursue enforcement against senior individuals in financial services, writes Jenny Stainsby, the global head of the firm’s financial services regulatory practice.

06 July 2022

FinCEN consults on potential no-action letter process

The US Treasury’s financial crime enforcer is considering expanding its discretionary repertoire to include no-action letters in cases of compliance failure.

13 June 2022

Two Gulf regulators license Binance

Cayman Islands crypto exchange Binance has obtained crypto-asset licences from Dubai’s newly-established crypto regulator and the Central Bank of Bahrain.

21 March 2022

English Court of Appeal extends Quincecare duty

British banks have a duty to protect their customers from making payments to fraudsters, the English appeals court has ruled, overturning a landmark ruling from last year.

17 March 2022

Bank of Pakistan “disregarded” numerous warnings, regulators say

US regulators have fined the National Bank of Pakistan over US$55 million for apparent 8-year-long deficiencies in anti-money laundering measures at the bank’s New York operation.

25 February 2022

ESG and diversity emphasised in Dutch corporate governance update

One of the Netherlands’ regulating bodies has shoehorned climate change into an update to its guide for financial institutions’ corporate governance, saying that ESG strategy was the most important thing for companies to build into their futures.

24 February 2022

Fed tightens trading rules for Fed officials: individual stocks, bonds and crypto trading banned

The US Federal Reserve has put new rules into place for its officials’ trading activity after the resignations of three high-ranking officials following questions over their trades during the covid-19 pandemic.

21 February 2022

Crypto assets a threat to global stability, FSB says

Crypto-assets’ too-rapid evolution may threaten global financial stability, according to a new warning issued by the Financial Stability Board (FSB), the same day as 18 crypto companies join together to propose an “industry-driven solution” for crypto to comply with FATF standards.

17 February 2022

Climate risk measures are fragmenting across the globe, industry bodies warn

As climate consultations from the OCC and the BCBS drew to an end this week, industry bodies have warned their respective proposals could create a “fragmented” climate risk landscape and funnel too many regulatory resources towards uncertain and disparate climate requirements.

16 February 2022

US Treasury will pilot sharing suspicious transaction data with foreign affiliates

The United States’ Financial Crimes Enforcement Network has called on banks to share data on suspicious financial activity with their foreign branches, something that industry players have so far welcomed.

27 January 2022

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