Artificial Intelligence (AI) is no longer just a buzzword, but a reality that is firmly on the radar of regulators and regulated firms in the US and UK. Recently, considerable investment into this area has prompted...more
2/15/2024
/ Artificial Intelligence ,
Compliance ,
Electronic Communications ,
Electronic Monitoring ,
Employee Monitoring ,
Enforcement ,
Enforcement Authority ,
Financial Conduct Authority (FCA) ,
Guidance Update ,
Regular Business Communications ,
Securities and Exchange Commission (SEC) ,
UK
Following a series of three Supreme Court judgments between 2011 and 2017, the general approach to interpretation of contracts under English law has been fairly clear....more
On 31 July 2023, following roundtable discussions held with banks earlier that month, the FCA published its Cash Savings Market Review (the “Review”).
In this insight we explore the content of the Review, as well as...more
8/4/2023
/ Consumer Financial Products ,
Consumer Protection Laws ,
Deposit Accounts ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Hedging ,
Interest Rates ,
Price Inflation ,
Ring-Fencing ,
Savings Accounts ,
UK
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
11/10/2022
/ Anti-Fraud Provisions ,
Anti-Money Laundering ,
Banking Sector ,
Business Interruption ,
Commercial Court ,
Coronavirus/COVID-19 ,
Cryptoassets ,
Disparate Impact ,
Economic Sanctions ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Financial Stability Board ,
Fraud ,
Greenwashing ,
Imports ,
Liquid Natural Gas ,
NYDFS ,
Russia ,
Trade Restrictions ,
UK ,
UK Parliament ,
Ukraine
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
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....more
9/22/2022
/ Banking Sector ,
Change in Control ,
Cryptoassets ,
Dear CEO Letter ,
Diversity and Inclusion Standards (D&I) ,
Final Rules ,
Financial Conduct Authority (FCA) ,
Payment Protection Insurance ,
Reporting Requirements ,
UK ,
UK Supreme Court ,
Unfair Contract Terms
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
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
A recent High Court case examines the liability position where leaks or losses of personal data occur as a result of the actions of a cyber-attacker, rather than as a result of breaches or misuse by the data controller...more
On 1 April 2020 the Supreme Court handed down two judgments regarding vicarious liability in Barclays Bank plc [2020] UKSC 13 and WM Morrisons Supermarkets plc [2020] UKSC 12, each addressing one of the two limbs of vicarious...more
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
In June, BCLP hosted 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 conduct a mock data breach...more
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
Ready for the Inevitable?
Barely a day goes by without a data breach hitting the headlines. It is becoming a fact of life for any firm holding data that, from time to time, some of that data might be lost, stolen,...more
5/14/2019
/ Cyber Incident Reporting ,
Data Breach ,
Data Protection ,
Data Protection Officers (DPOs) ,
Financial Conduct Authority (FCA) ,
General Data Protection Regulation (GDPR) ,
Incident Response Plans ,
Information Commissioner's Office (ICO) ,
Insurance Claims ,
Notice Requirements ,
Prudential Regulation Authority (PRA) ,
Risk Management ,
UK
Online content in the UK is to be regulated by a new internet regulator. A white paper consultation was published on 8 April 2019 by the UK government Department for Digital, Culture, Media & Sport (DCMS). The proposals...more
4/17/2019
/ Administrative Authority ,
Cyberbullying ,
Exploitation ,
Human Rights ,
Internet ,
Minors ,
Online Platforms ,
Organized Crime ,
Proposed Regulation ,
Regulatory Agenda ,
Slavery ,
Social Networks ,
Terms and Conditions ,
Terrorist Threats ,
UK ,
Websites ,
White Papers
On July 5, 2018, the SEC and the Department of Justice announced that Credit Suisse Group AG, has agreed to pay nearly $76 million to settle charges that its Hong Kong-based subsidiary, Credit Suisse (Hong Kong) Limited,...more
On 9 May, Deputy Attorney General Rosenstein announced a new DOJ policy that “encourages coordination among Department components and other enforcement agencies when imposing multiple penalties for the same conduct.” This...more
No matter the industry, maintaining effective corporate compliance programs has never been a more essential part of operations to address the legal risks that corporates face. This article, the third in a series about...more
5/22/2018
/ Chief Compliance Officers ,
Compliance ,
Corporate Governance ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
France ,
Non-Prosecution Agreements ,
Risk Assessment ,
Risk Management ,
Sapin II ,
Serious Fraud Office (SFO) ,
UK