As fraudsters grow more sophisticated, financial technology advances and watchdogs should consider whether consumers need greater protection from crime, the managing director of the U.K.’s Payment Systems Regulator said Thursday.
The Financial Conduct Authority's no-nonsense approach to tackling money laundering is about to ramp up, lawyers warn, pointing to a multimillion-dollar fine Britain's financial regulator dished out this week as a sign of things to come.
The European Union needs to be more rigorous in enforcing existing rules to combat money laundering and terrorist financing in the wake of the Panama Papers release, regulators told the European Parliament Thursday.
The Financial Conduct Authority pushed the U.K. Supreme Court Thursday not to force it to play detective to ensure unnamed bankers can't be identified from enforcement decisions against institutions, in a dispute over a JPMorgan Chase fine tied to $6 billion in "London Whale" losses.
The U.K. may have to enter into its own complex Privacy Shield pact with the U.S. and Europe because of the historic vote to exit the European Union, causing new headaches for multinational financial services firms dealing in global data flows.
The British government’s plans to begin leaving the European Union by March 2017 without the express permission of Parliament is an unlawful violation of the nation’s rights, lawyers argued in the U.K.’s high court on Thursday.
Scotland's government next week will introduce a new draft bill setting out preparations for a second vote on Scottish independence to be held before the U.K. leaves the European Union and its single market, Scottish First Minister Nicola Sturgeon said Thursday.
Banks could have up to five years to prepare for how new accounting rules will alter the amount of capital they need to hold for regulatory purposes, the global forum for banking regulators said Thursday.
British Foreign Minister Boris Johnson on Thursday sought to deflect fears among Britain’s banks and businesses that they will lose access to the European Union’s single market, amid mounting cross-party criticism of the government’s Brexit planning.
The U.K. government on Thursday published new anti-corruption legislation that will require banks and other financial institutions to share data with each other and with enforcement agencies investigating financial crime, and also turns the heat up on banks that fail to prevent tax evasion.
Financial fraud rose by a quarter in the first half of 2016, touching £400 million ($489 million), according to new figures published Wednesday by British banking industry body Financial Fraud Action UK, which tied the jump to increasingly prevalent data breaches.
British Prime Minister Theresa May conceded Wednesday that lawmakers would have the chance to scrutinize the country's plan for leaving the European Union, but attorneys say the move offers financial services firms little new security about their future access to EU markets.
The European Union’s top bank regulator on Wednesday published revised priorites for its 2017 work program to reflect budget cuts and resource constraints amid a growing number of regulatory requests from the European Commission.
The global forum for banking regulators has ordered that the value of banks’ holdings of some types of "bail in" instruments be deducted from the banks' regulatory capital reserve levels, in rules published Wednesday.
The opposition Labour Party on Wednesday turned up the heat on the British government for answers on how exiting the European Union would affect the country's sprawling financial services industry and how it's regulated.
An increasing "avalanche" of regulatory pressures and a fear of new technologies are keeping corporate treasurers awake at night, new research from Deutsche Bank AG revealed on Wednesday.
British Prime Minister Theresa May on Wednesday dodged pressure to let Parliament vote on the government’s Brexit plans, but said lawmakers would still be allowed to debate the details of plans to quit the European Union.
Global law firm White & Case has expanded its legal team for financial regulation with the addition of a partner in London, the firm announced Wednesday.
International law firm Mishcon de Reya on Tuesday said it appointed a cybersecurity expert in its latest move to offer clients non-legal services at a time when cyber threats have been identified as the greatest risk to the financial sector.
The Financial Conduct Authority hit Bangladeshi state-owned Sonali Bank’s U.K. subsidiary with a £3.3 million ($4 million) fine and banned the bank from accepting deposits from new customers for almost six months as a result of “serious and systemic” weaknesses in Sonali’s anti-money laundering controls, the FCA said Wednesday.