The General Data Protection Regulation (GDPR) is a law that governs how organisations process personal data.
It is a regulatory requirement for most businesses operating in the regulated sector to carry out an ‘Independent Audit of Anti-Money Laundering (AML) Policies, Controls and Procedures’ to comply with Regulation 21 of the Money Laundering Regulations 2017.
Identity fraud is now one of the biggest fraud threats to the UK public, with cases soaring by nearly a quarter over the last year, recent figures show.
Countries across the world are showing an increased drive to clamp down on financial crimes. Fraud and money laundering are international problems, and a global response is required to combat them effectively.
The Economic Crime and Corporate Transparency Act received Royal Assent on 26 October 2023. The new act contains laws to “fight fraud, counter corruption and bolster legitimate business”.
The Financial Conduct Authority (FCA) has ordered ADM Investor Services International Limited (ADMISI), a broker affiliate of Archer Daniels Midland, to pay almost £6.5m for serious financial crime control failings.
‘Big Four’ member consultancy firm Ernst & Young (EY) has repaid banking group Santander £15m after it failed to help the Spanish lender improve its anti-money laundering (AML) controls, reports suggest.
The Financial Conduct Authority (FCA) has revealed that it issued 146 alerts to firms promoting crypto within 24 hours of new rules governing the marketing of such assets coming into force.
The Financial Conduct Authority (FCA) has issued a final warning to cryptoasset firms marketing to UK consumers, and those supporting them, to prepare for the new financial promotion regime.
The UK government’s plans to reform the country’s anti-money laundering (AML) regime will expose accountants and other businesses to a greater risk of financial crimes, professional body the Association of Accounting Technicians (AAT) has warned.