The head of enforcement for the U.K. Financial Conduct Authority on Thursday emphasized the agency's determination to pursue criminal convictions against financial institutions or senior employees responsible for egregious violations of anti-money laundering rules. Mark Steward, who took up his post at the FCA in October 2015, told attendees of an industry event in London that the regulator has a "large number" of live investigations into suspected financial crimes and compliance failures, including several probes into "suspected significant AML systems and control issues." The FCA is seeking to identify a suitable case with compelling evidence of "egregiously poor systems and...
The banking arm of British supermarket giant Tesco has been fined £16.4 million over weaknesses in its cyber defenses that allowed fraudsters to steal more than £2 million, the first time a U.K. financial institution has been penalized for cybersecurity failures.
The United Kingdom's Office of Sanctions Implementation, or OFSI, announced its first enforcement action Monday, fining one of the country's oldest lenders £5,000 for processing a £200 transaction involving a blacklisted party.
The United Kingdom published the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, which comes into force on June 26, 2017 to implement the European Union's Fourth Anti-Money Laundering Directive.