Financial Crime
1. Prosecutors’ New Weapon In Cross-Border Investigations - US prosecutors routinely seek bank records while conducting white-collar investigations - Read here
2. The ‘zero-tolerance’ policy - An insight into the UAE’s continuous efforts to combat corruption during unprecedented times - Read here
3. The future of US Sanctions Policy - There has been much speculation around how the Biden administration will approach sanctions policy - Read here
Operational Resilience, Fintech, Cyber Security and Outsourcing
1. UK implements EU outsourcing rules – the PRA has published its final rules on outsourcing which must be implemented by March 2022 - Read here
2. UK’s central bank and regulators - Publish final guidance on operational resilience for financial institutions, offering some relief - Read here
3. Lessons learnt from an unparalleled 12 months of volatility - Key lessons from 2020 to help navigate the future of cybersecurity and data privacy - Read here
4. The FCA’s plan for operational resilience in 2021/22 – During 2021/22 the FCA will assess firms’ progress in implementing the new policy requirements and identify areas for improvement – Read more
FS Disputes Trends
1. FCA Test Case – Supreme Court Judgment - Supreme Court Broadens Circumstances in which Covid-19 BI Policyholders can recover - Read here
2. FCA Guidance Consultation on Cancellations and Refunds due to Covid-19 - In June 2020 the FCA published statements to help consumers identify how they can attempt to claim a refund if they have had an event or travel plan cancelled - Read here
3. COVID-19 vaccine fraud on the increase - With the continuing roll out of the COVID-19 vaccine, we consider the reports of fraud and scams being perpetrated against the public and businesses - Read here
Investigations and Enforcement
1. Anti-money laundering - The efforts of the Financial Action Task Force (FATF) has driven countries into a cycle of continue assessment and evaluation, improvement and enhancements - Read here
2. Legal privilege – It is important for firms to fully appreciate the nature of legal privilege and what protection it can afford them - Read here
3. Developing scrutiny from regulators with regards to data breaches in Hong Kong – A number of recent major breaches has raised concerns about the lack of a mandatory notification policy - Read here
4. Anti-money laundering - The efforts of the Financial Action Task Force (FATF) has driven countries into a cycle of continue assessment and evaluation, improvement and enhancements - Read here
5. Legal privilege – It is important for firms to fully appreciate the nature of legal privilege and what protection it can afford them - Read here
6. Developing scrutiny from regulators with regards to data breaches in Hong Kong – A number of recent major breaches has raised concerns about the lack of a mandatory notification policy - Read here
Governance, Culture and Individual Accountability
1. Hong Kong regulator trying to stop “rolling bad apples” with new Mandatory Reference Checking Scheme -On 5 May 2022, the Hong Kong Monetary Authority (“HKMA”) announced the Mandatory Reference Checking Scheme (the “Scheme”) - Read here.
2. Accountability Regimes - Will they succeed in changing behaviour and culture in banking? - Read here.
3. Singapore’s Individual Accountability and Conduct Guidelines - On 10 September 2021, the Individual Accountability and Conduct Guidelines (Guidelines) introduced by the Monetary Authority of Singapore (MAS) will come into effect - Read here
4. Restoring Trust in Audit and Corporate Governance – In March 2021 the Department of Business, Energy & Industrial Strategy (BEIS) published a white paper. The Government’s proposals are directly relevant to companies and their directors - Read here
5. The role of INED - What are regulators’ expectations of independent non-executive directors (INEDs) of regulated financial services firms? - Read here
6. General Scheme of the Central Bank (Individual Accountability Framework) published - On 27 July, the Minister for Finance, Paschal Donohoe, announced the publication of the new General Scheme to give effect to a new Individual Accountability Framework, including the Senior Executive Accountability Regime (“SEAR”) - Read here
7. Planning for a new Consumer Duty - As firms plan ahead for 2022, one of the items at the top of their to-do-lists will be planning for the new Consumer Duty. - Read here
8. The global perspective - Comparing SMCR and equivalent regimes - On 10 February our global FSDI team hosted a webinar which traced the early years of the UK’s Senior Managers and Certification Regime and its influence or distinction from broadly similar individual accountability regimes that have been introduced around the globe. Watch here.
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