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. Along with complementary regulation aimed at domestic firms, the near-final rules would deem designated executives and other managers at banks, credit unions, building societies and certain investment firms responsible for a host of regulatory violations, including anti-money laundering (AML) deficiencies. The Financial Conduct Authority (FCA), which intends to finalize the rules in August, said in Thursday's amendments that banks based in the European Economic Area need not include heads of...
The United Kingdom on Thursday reversed course on a plan that would have required bank executives to prove their innocence in compliance violations, and separately proposed tightening oversight of senior managers.
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 United Kingdom Tuesday outlined how it might soon get tougher on tax cheats through revised penalties and clearer standards for criminal prosecutions when individuals are aided by commercial advisors.