A former law firm compliance and money laundering reporting officer has been fined £10,000 for the way he handled five conveyancing transactions. A judgment from the Solicitors Disciplinary Tribunal said the case should serve as a warning to lawyers to ensure they ‘discharge’ their senior duties. Anthony Gale, former partner at Yorkshire firm Maurice Smiths […]

The Financial Industry Regulatory Authority Inc. slapped two units of Raymond James Financial Inc. with a record $17 million in fines for widespread compliance failures in the brokerage firm’s anti-money laundering programs. Raymond James & Associates and Raymond James Financial Services failed to set up systems to properly prevent, detect and investigate suspicious activity for […]

A spate of U.S. Securities and Exchange Commission enforcement cases involving several prominent financial services firms has renewed concerns that compliance officers could be blamed for violations committed by others at their companies. Now, a group representing financial services industry compliance professionals is demanding clarity. The National Society of Compliance Professionals (NSCP) wants the SEC […]

The U.K. Financial Conduct Authority (FCA) fined the Bank of Beirut £2.1 million ($3.2 million) and stopped it from acquiring new customers from high-risk jurisdictions for four months. The Financial Conduct Authority of Britain said on Thursday 5th MARCH 2015 that it had fined the Bank of Beirut and temporarily banned it from signing up new clients […]

The Financial Conduct Authority has fined a compliance officer and a broker a total of around £116,000 for allowing market abuse to take place. The fines relate to a market abuse case dating back to October 2010, which saw the FSA impose its largest ever individual fine of £6m against private investor Rameshkumar Goenka. Stockbroker […]