Citibank's fine for violating the U.K. sanctions regime shows that the enforcer will punish companies for serious breaches even if there was no intent to break the rules, underscoring the need for firms to stress-test their screening systems, lawyers say.
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Finance firms are bracing for a surge in disputes over obligatory references after non-financial misconduct rules were extended to 37,000 non-bank firms, legal experts say.
Although the Serious Fraud Office's settlement with ENRC closes an uncomfortable chapter that the agency insists cannot recur, lawyers say its real test is whether it can stop the weaknesses exposed by the scandal from returning again.
Financial Conduct Authority rules on non-financial misconduct, which take effect on Tuesday, could unfairly jeopardize careers as 37,000 non-banking finance businesses face a double whammy of wider enforcement risk and excessive caution showing through in hiring decisions and references, lawyers warned.
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Citibank's fine for violating the U.K. sanctions regime shows that the enforcer will punish companies for serious breaches even if there was no intent to break the rules, underscoring the need for firms to stress-test their screening systems, lawyers say.
Finance firms are bracing for a surge in disputes over obligatory references after non-financial misconduct rules were extended to 37,000 non-bank firms, legal experts say.
Although the Serious Fraud Office's settlement with ENRC closes an uncomfortable chapter that the agency insists cannot recur, lawyers say its real test is whether it can stop the weaknesses exposed by the scandal from returning again.
Financial Conduct Authority rules on non-financial misconduct, which take effect on Tuesday, could unfairly jeopardize careers as 37,000 non-banking finance businesses face a double whammy of wider enforcement risk and excessive caution showing through in hiring decisions and references, lawyers warned.
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September 10, 2026
An administrator for a unit of Market Financial Solutions voluntarily left his post Thursday after creditors of the collapsed mortgage lender raised concerns about a potential conflict of interest.
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September 10, 2026
A shareholder in Touchstone Exploration Inc. pleaded guilty Thursday to fraud and forgery charges after creating a fake takeover approach for the AIM-listed energy company to artificially boost its share price, the Financial Conduct Authority said.
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September 10, 2026
Two individuals from the Glasgow region have been banned from serving as U.K. company directors until 2035 for importing more than 350,000 vapes while avoiding more than £15 million ($20.3 million) in tax, the Insolvency Service said Thursday.
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September 10, 2026
Prediction markets are "rife" with insider trading, the European Union's markets watchdog warned on Thursday as it said that the fast-growing sector required continued monitoring.
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September 10, 2026
The National Crime Agency said Thursday that a man wanted in connection with an alleged £17 million ($23 million) fraud against an Australian mining company has been arrested in Dublin.
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September 10, 2026
Motor finance litigation-funder Woodville paid upward of £37 million ($50 million) to companies connected to its directors before it collapsed into administration, according to a report by the administrators.
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September 10, 2026
The former oil chief at Glencore and another senior employee denied bribery and forgery charges over allegations that they paid bribes to secure overseas contracts for the mining giant as they appeared at a London court on Thursday.
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September 09, 2026
An umbrella company that was shuttered for tax fraud, along with its liquidators, cannot claw back overpayments to two doctors resulting from the company not collecting payroll taxes, a London court found Wednesday.
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September 09, 2026
Food service company Aramark is liable for a £6.8 million ($9.2 million) tax bill from Britain's tax authority over an offshore employment arrangement after a London tribunal ruled Wednesday that catering crews on North Sea rigs were effectively supplied to provide services in the U.K.
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September 09, 2026
EasyJet has been hit with a $72 million claim by the liquidators for the Irish arm of a Russian aircraft lessor, who allege that the airline "abandoned" six aircraft and stopped paying rent.
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September 09, 2026
The Metropolitan Police has launched a criminal investigation into Reform UK linked to allegations made in a Channel 4 News report that the party breached donation rules.
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September 09, 2026
Roman Abramovich failed on Wednesday in his third attempt to lift European Union sanctions against him after a court ruled that the billionaire was designated over activities "providing substantial revenue" to Russia.
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September 08, 2026
The U.K. arm of an international genome sequencing company has paid a record £7.4 million ($10 million) for breaching export controls after it admitted to supplying sanctioned goods to Russia, HM Revenue & Customs said Tuesday.
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September 08, 2026
The U.K.'s competition regulator said Tuesday it is exploring whether Ministry of Defense procurement data could help tackle bid-rigging in defense supply chains, as it urged the government to make more procurement data available to tackle suspected cartels.
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September 08, 2026
One of Russia's richest men won a fight over disclosure of documents Tuesday, in litigation involving the alleged defrauding and mismanagement of a nickel miner, when a London judge found that Russian law required personal data in disclosed documents to be redacted.
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September 08, 2026
The Financial Conduct Authority has warned that financial firms have gaps in identifying shared risks and dependencies that could leave the sector exposed to rising geopolitical and defense threats.
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September 08, 2026
A City law firm urged an appeals court Tuesday to overturn a ruling that it dishonestly assisted a £7 million ($9.5 million) fraud, warning that the decision risks turning negligent legal work into dishonesty.
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September 08, 2026
The Financial Conduct Authority has said that it has canceled a financial services company's registration for anti-money laundering purposes after it ignored the regulator's "numerous attempts" to obtain information.
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September 07, 2026
A former facilities management director has denied exploiting sensitive financial information in an effort to poach clients for a competitor, arguing that the business has failed to demonstrate it lost money as a result.
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September 07, 2026
Three entities linked to the Awas aircraft leasing group have settled part of their more than £85 million ($115 million) lawsuit with two Lloyd's of London insurance syndicates over payments linked to planes stranded in Russia after the country's invasion of Ukraine in 2022.
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September 07, 2026
The Financial Conduct Authority will meet with creditors that have called on the regulator to investigate Barclays Bank and its conduct in connection with the collapse of Market Financial Solutions Ltd., a person familiar with the matter told Law360 Monday.
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September 07, 2026
Deutsche Bank AG said Monday that it has settled a €152 million ($176 million) claim that a former employee had brought against it in Frankfurt over his wrongful conviction linked to an Italian banking scandal.
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September 07, 2026
Two former insurance brokerage directors urged a tribunal on Monday to overturn a decision to ban them from working in financial services, arguing that the regulator had been wrong to rely on judicial findings they had engaged in fraud over the sale of their brokerage.
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September 07, 2026
City of London Police has said its first Report Fraud annual assessment, produced for the 2026 financial year, showed a 395% rise in the use of artificial intelligence behind scams, most often in investment fraud.
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September 07, 2026
A criminal defense barrister was sent to prison on Monday for encouraging a client to "kick the fuck out of" a rival gang member in revenge over a gun attack.