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FCA work in review October 1-9, 2024
Our at-a-glance guide to recent FCA activity.
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UK regulator fines Starling Bank £29m for ‘shockingly lax’ screening controls
Mark Taylor of Ibex Compliance identifies the key learning points from the FCA’s action against Starling Bank.
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OCC orders Wells Fargo to overhaul compliance strategies and illicit fund detection
The OCC found the bank’s safeguards against money laundering and sanctions violations were lax and imposed detailed compliance program remedies.
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Why we need a modern approach to geopolitical risk in the financial sector
A more proactive approach to resilience building in a new geopolitical risk paradigm for banks and capital markets is needed.
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State Street Bank settles $7.45m penalty over OFAC sanctions violations
Strong signal from OFAC about the prompt self-reporting it expects when businesses learn of sanctions noncompliance.
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Fentanyl advisory for finserv firms aims to curb illicit supply chain
FinCEN move to track drug trade financial flows comes alongside new sanctions from US Treasury.
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Wider sanctions on Russia announced, lawmakers want info on forced labor in China
The US widened sanctions against Russia, targeting financial services over indirect support of the war in Ukraine.
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Podcast: Andrew Hood of Fieldfisher on the chip wars
Lawyer Andrew Hood spoke to us about the compliance and regulation around chips and semiconductors.