UK Corporate Crime & Compliance provides breaking news and analysis on enforcement and white collar crime in Europe. Coverage includes internal investigations, whistleblower rights, executive responsibility, tax evasion, criminal market abuse and insider dealing actions, anti-money laundering, bribery, corruption and sanctions enforcement.
The U.K. government will likely adopt the European Union's Fifth Money Laundering Directive even in the event of a no-deal Brexit, meaning U.K. financial services organizations and law firms have under a year to review and possibly update their current policies and procedures, says Joanne Cracknell of Willis Towers Watson PLC.
Italy's central bank has ordered ING Group NV to stop taking on new customers in the country after it found "shortcomings" in the Dutch lender's compliance with Europe's anti-money laundering rules, adding to the group's woes after it was slapped with a recent fine in the Netherlands.
The Serious Fraud Office said Monday it has opened an investigation into London Capital & Finance PLC, adding onto the legal woes of the failed mini-bond issuer that left thousands of customers out of pocket when it collapsed in January.
The Fed has set out measures to allow banks to transfer so-called legacy swaps from the U.K. to a subsidiary based in Europe or America without triggering tougher new margin requirements if Britain crashes out of the bloc without a deal.
Genworth Financial Inc., which is being sued for nearly £265 million ($351 million) by rival French insurer AXA SA over a missold insurance product, can seek to shift the blame onto two British units of Santander, London’s High Court has said.