Former City trader Georgy Urumov was hit with a 12-year sentence at a London criminal court on Friday for concocting an "audacious" scheme to swindle Russian bank Otkritie Group out of more than $150 million by over-pricing Argentinean fixed income products during 2010 and 2011.
A key parliamentary committee turned up the heat on U.K. customs officials Friday, accusing them of failing to prevent the very wealthy from evading tax and demanding much greater transparency to regain public confidence.
London’s Court of Appeal on Thursday upheld an earlier summary judgment ordering Banco Santander SA to pay Trinidad and Tobago’s infrastructure corporation $38 million per the terms of letters of credit issued for a Brazilian construction firm embroiled in a dispute with the Caribbean firm.
The U.K.’s data protection watchdog warned financial services firms Thursday that it is prepared to hand out record fines in the wake of new European cybersecurity laws' entering force.
Britain's top financial watchdog called on Thursday for the broader adoption of a global regulatory framework to ease access to finance around the world, a system he said was preferable to the more regional approach taken by the European Union.
The U.K.’s payments watchdog corrected its timetable Thursday for collecting fees from payment service providers, after admitting to publishing the wrong information in a consultation paper last year.
New liquidity requirements are prompting European banks to reorganize their repo desks and incorporate them into broader decision-making on balance sheets and liquidity use, a top European Central Bank official said Thursday.
Subsidiaries of major U.K. high street retailer WH Smith PLC have settled a claim against MasterCard Inc. over interchange fees, according to court documents seen by Law360 on Thursday, providing some respite for the credit card firm amid dozens of similar suits.
The European Central Bank is to roll out a review of financial institutions’ internal models as one of its key priorities for 2017, its head of supervision said Wednesday.
The U.K's financial watchdog is stepping up random visits to firms it regulates as it moves to stamp out money laundering ahead of new anti-corruption laws coming into force this year, it said Thursday.
The U.K. government published a short bill on Thursday to formally begin the process of leaving the European Union, after a senior lawmaker revealed the House of Commons would have just five days to debate ending Britain’s 43-year relationship with the bloc.
The European Union’s financial services commissioner urged the bloc’s lawmakers on Thursday to hurry up and agree on securitization rules which have been bogged down by internal wrangling that's holding back the flagship capital markets union initiative.
Royal Bank of Scotland announced Thursday it has set aside a further $3.8 billion to cover expected penalties from U.S. authorities over its handling of mortgage-backed securities in the run-up to the financial crisis.
London’s High Court ruled recently that Malaysian CIMB Bank Berhad must contest a $10 million letters of credit claim from Deutsche Bank SA in the U.K. capital rather than add the suit to connected claims underway in the Singapore courts.
The U.K.’s top financial technology lobbyist and the government’s international fintech diplomat urged Britain’s leaders on Wednesday to clarify their stance on skilled foreign workers and access to European markets.
The U.K.’s competition watchdog has found that Lloyd’s Banking Group PLC seriously breached its rules on payment protection insurance by failing to provide some customers with annual policy reviews and sending them inaccurate data, according to a letter published Wednesday.
U.K. financial services firms must bolster their whistleblowing programs and do more to promote a “speak up” culture that encourages reporting of incidents, new industry findings show.
The rapid growth of financial technology presents regulators with a major systemic risk to the global financial services sector, Bank of England Governor Mark Carney warned on Wednesday.
Prime Minister Theresa May promised Wednesday to provide detail on the U.K. government's Brexit goals in a white paper for parliamentary scrutiny, as lawmakers prepare to vote on a bill that would give the government permission to start formal talks to leave the European Union.
Former City traders Georgy Urumov and Vladimir Gersamia were found guilty on Wednesday of concocting a scheme to swindle Russian bank Otkritie Group out of more than $100 million by over-pricing Argentinean fixed income products during 2010 and 2011, the Crown Prosecution Service said.