Plans by British regulators to extend accountability rules to the nation's financial market firms could mean new training duties, and at a fast clip, for individuals responsible for anti-money laundering programs. The potential extension could task firms in the U.K.'s fixed-income, currencies and commodities (FICC) markets with duties under the government's new Senior Managers & Certification Regimes (SMCR), British officials said in a June report outlining broad regulatory issues for the sector. The plan would impact asset managers, interdealer brokers, certain hedge funds and other firms. Earlier this month, the Financial Conduct Authority (FCA) proposed extending elements of the Certification...
A host of non-U.K. banks with British branches will not be required to make their compliance officers personally liable for regulatory lapses under amendments to planned accountability rules published Thursday.
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