Imagine this – a customer submits a payment instruction directing that all their life savings are transferred to a third-party account for the purposes of an investment. What do you do? While the scenario may appear...more
2/15/2024
/ Banking Sector ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Financial Services Industry ,
Fraud ,
Ombudsman ,
Payment Processors ,
Payment Systems ,
Reimbursements ,
Scams ,
UK
The FCA released its 2022/23 Annual Report last week together with data on its key enforcement trends. We consider below some of the key takeaways....more
7/28/2023
/ Annual Reports ,
Anti-Money Laundering ,
Artificial Intelligence ,
Compliance ,
Consumer Protection Laws ,
Criminal Investigations ,
Enforcement Actions ,
Enforcement Statistics ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Financial Services Industry ,
Fraud ,
Investigations ,
UK
We are defending financial institutions from multiple claims for breach of the so called Quincecare duty and have seen claimant law firms increasingly seek to expand the scope of the duty to try to make financial institutions...more
Welcome to Banking Bites! This is our short summary flagging some key developments in your sector that we hope will inform your activities in your market....more
10/21/2022
/ Anti-Money Laundering ,
Bank of England ,
Climate Change ,
Economic Sanctions ,
EU ,
FDIC ,
Financial Services Industry ,
Foreign Investment ,
NY Supreme Court ,
Pending Legislation ,
Risk Mitigation ,
Russia ,
UK
The chair of a premium-listed company has been fined £80,000 for unlawfully disclosing inside information to major shareholders before the information was announced to the market.
This case acts as a reminder for...more
Welcome to Banking Bites! This is our short summary flagging key developments in the UK that we hope will inform your activities in your market.
This edition covers...more
7/14/2022
/ Banking Sector ,
Capital Markets ,
Compliance ,
Congressional Committees ,
Economic Sanctions ,
Electronic Communications ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Health and Safety ,
Internal Controls ,
Mental Health ,
New Guidance ,
Online Platforms ,
Russia ,
UK
New High Court case considers nature and scope of the Quincecare duty -
In June, the Court of Appeal expanded the scope of a bank’s duty of care to protect its customers from fraud to encompass instructions by those other...more
6/21/2022
/ Bank of England ,
Banks ,
Civil Monetary Penalty ,
Climate Change ,
Criminal Liability ,
Duty of Care ,
Economic Sanctions ,
EU ,
European Commission ,
Financial Accounting ,
Fraud ,
Insurance Industry ,
Member State ,
Money Laundering ,
Office of Financial Sanctions Implementation (OFSI) ,
Payment Systems Regulator (PSR) ,
Prudential Regulation Authority (PRA) ,
Risk Factors ,
Russia ,
Third-Party Service Provider ,
UK ,
UK Regulatory Reforms
Privy Council rules against extension of the Quincecare duty -
Does a bank owe a duty of care to a person who is the beneficial owner of funds held in the account of a customer of the bank and who has been defrauded by...more
5/31/2022
/ Beneficial Owner ,
Cybersecurity ,
Duty of Care ,
Economic Sanctions ,
Enforcement Actions ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Know Your Customers ,
Payment Systems ,
Privileged Communication ,
UK
On 2 June 2021, the Crown Prosecution Service (the “CPS”) updated its Money Laundering Offences guidance on prosecuting ‘failure to disclose’ offences under section 330 of the Proceeds of Crime Act 2002. Such a failure exists...more
On 28 April 2021 the Financial Conduct Authority (FCA) published a consultation paper (CP 21/9) on proposed changes to its investment research rules and best execution reporting requirements. We discuss these proposed...more
Two senior members of the FCA have recently delivered significant speeches on the importance of diversity and inclusion (“D&I”) in regulated firms and why this should be considered a regulatory issue. Whilst the importance of...more
“It has no soul to be damned and no body to be kicked”. How, then, can a company be held criminally liable? Various jurisdictions have grappled with this question and recent developments in the UK have increased the...more
11/20/2020
/ Barclays ,
Corporate Counsel ,
Corporate Crimes ,
Corporate Executives ,
Corporate Liability ,
Corporate Officers ,
English Common Law ,
Fraud ,
UK ,
UK Bribery Act ,
UK Corporate Criminal Offense ,
Vicarious Liability
Under the Senior Managers and Certification Regime (“SMCR”), firms are required to identify and report to the FCA any instances of disciplinary action taken in relation to conduct that would amount to a breach of one of the...more
2/10/2020
/ Artificial Intelligence ,
Banking Sector ,
Blockchain ,
Bribery ,
Cartels ,
Corporate Governance ,
Corporate Misconduct ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Hong Kong Securities and Futures Commission (HKSFC) ,
Insurance Industry ,
Payment Systems ,
Risk Management ,
SMCR ,
Technology ,
UK ,
United Arab Emirates (UAE) ,
Whistleblower Protection Policies
The much heralded Corporate Co-operation Guidance published by the Serious Fraud Office recently offers little comfort to corporates struggling with the dilemma of whether to self-report wrongdoing. Instead it offers a...more
9/19/2019
/ Cooperation ,
Corporate Counsel ,
Corporate Crimes ,
Corporate Misconduct ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
Enforcement Guidance ,
Foreign Corrupt Practices Act (FCPA) ,
Internal Investigations ,
Legal Advice Privilege ,
Serious Fraud Office (SFO) ,
UK ,
White Collar Crimes
Last month saw BCLP host a high profile data breach seminar, in which industry specialists, the ICO’s Head of Investigations, a former convicted hacker and BCLP’s data breach team came together to discuss issues that arise...more
In this second article of our series on the House of Lords Select Committee’s recent report, entitled “The Bribery Act 2010: post-legislative scrutiny”, we come to that now inescapable topic in British law and politics —...more
4/5/2019
/ Bilateral Agreements ,
Court of Justice of the European Union (CJEU) ,
Criminal Investigations ,
Cross-Border ,
Enforcement ,
EU ,
Member State ,
Multinationals ,
Sanctions ,
Strategic Enforcement Plan ,
UK ,
UK Brexit ,
UK Bribery Act ,
Warrants