In today’s regulatory environment, companies face mounting pressure from law enforcement agencies to maintain robust compliance programs to deter and detect misconduct by employees, third-party vendors and business partners. In the United States, prosecutors have long considered the effectiveness of an entity’s compliance policy to be an important factor informing charging decisions and the negotiation […]

A – FINANCIAL SANCTIONS REGIME CHANGES – What will they mean in practice? the UK government is taking sanctions breaches seriously and has enhanced its toolkit to take action where necessary. Police and Crime Bill receives Royal Assent, LNB News 01/02/2017 96 has received Royal Assent. B – WHAT ARE THE MOST SIGNIFICANT CHANGES BROUGHT […]

There was a huge rise in cybercrime last year which helped overall UK fraud break through the £1 billion barrier for the first time in five years. According to KPMG’s Fraud Barometer, cybercrime rose a whopping 1266% last year to £124 million, taking the total value of fraud to £1.1 billion. KPMG’s Fraud Barometer measures […]

The UK’s gambling regulator has clarified its rules for digital currencies. In an update to its codes of practice issued this July, the UK Gambling Commission (UKGC) outlined how licensees can implement appropriate policies for so-called cash equivalents, a definition under which digital currencies are captured. Though short on details, the UKGC advises that the intention […]

The Insurance Act 2015: practical changes for insurers to consider. The 2015 Insurance Act (2015 Act) applies to all commercial contracts of insurance, and variations to existing contracts of insurance, from 12 August 2016 and introduces what the UK government has described as “the biggest reform to insurance contract law in more than a century”. […]

THE UK’S RISK-BASED APPROACH TO THE “POLITICALLY EXPOSED PERSONS” REGIME – SECTION 30 OF THE BANK OF ENGLAND AND FINANCIAL SERVICES ACT 2016 The Bank of England and Financial Services Act 2016 (the “Act”) paves the way for a more risk-based approach to the Politically Exposed Persons (“PEPs”) regime in the UK, in response to […]

British police have made the biggest seizure of cash in the country’s history as part of a global money laundering bust. A specialist group of officers known as the Fraud Squad seized £30 million ($43 million) in money orders when they arrested a 58-year old man this week. Money orders can be easily converted into […]

WILL THIS MEAN BETTER GUIDANCE, INCREASED PENALTIES AND MORE ENFORCEMENT? On 8 July 2015, the UK government published its Summer Budget 2015. Deep in the detail of the supporting policy decisions, at paragraph 2.185, the government announced its plans to establish a new “Office of Financial Sanctions Implementation”. The new office, which is to be […]