FCA fines Santander £107.7 million In December 2022 the FCA issued £107.7 million to retail bank, Santander for failure to properly oversee and manage its AML systems, which significantly impacted the account oversight of more than 560,000 business customers. As set out in their Final Notice, the FCA concluded that Santander suffered from operational weaknesses […]
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FCA and PRA fine TSB Bank for operational resilience failings TSB Bank plc (TSB), a large UK bank, have received a fine of £48.65m for operational risk management and governance failings in relating to the migration of their systems to a new IT platform. TSB has also recently paid a fine of £32.7m to affected
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Fraudster jailed for additional 3 years and more for defrauding investors After serving an 11-year imprisonment from 2018 for his role in a £2,8 million investment fraud scam, Mr Nascimento was jailed for an additional 1,417 days for failure to pay a confiscation order made to him on 21 June 2021. Mr Nascimento was ordered
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FCA fines Guaranty Trust Bank 7.6 million for AML failures The FCA has fined Metro Bank £10million for breaching the listing rules by publishing incorrect information to investors. Former Metro Bank CEO Craig Donaldson and former CFO David Arden were both issued with combined fines totalling £357,700. Metro Bank published incorrect information concerning its Risk
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FCA fines Guaranty Trust Bank 7.6 million for AML failures On the 10th of January, the FCA issued Guaranty Trust Bank (UK) Limited (GT Bank) with a fine of £7,671,800 for severe weaknesses in its anti-money laundering (AML) systems and controlsbetween October 2014 and July 2019. The subsidiary of Nigerian financial services firm Guaranty Trust
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FCA fine Julius Baer International Limited £18m The FCA has imposed a fine of £18,022,500 on Julius Baer International Limited (JBI) for failing to conduct its business with integrity, failing to take reasonable care to organise and control its affairs and failing to be open and cooperative with the FCA. JBI breached were in breach
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FCA Revokes French bank’s Temporary Permissions Lyonnaise de Banque had its temporary permissions revoked in December for failure to submit their application for full UK authorisation via the ‘landing slot’ in a timely manner. Before Brexit, financial firms based in another member state were permitted to trade in the UK, without being directly authorised by
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FCA fines three broker firms £4,775,200 In December 2022 the FCA fined BGC brokers LP and two GFI Group subsidiaries, GFI Brokers and GFI securities, £4.8 million for their failure to implement MAR trade surveillance requirements. The ineffectiveness of their systems and controls resulted in a huge amount of suspicious trading activity going undetected. According
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The UK’s Online Safety Bill makes progress The Online Safety Bill is a proposal for legislation that aims to keep websites and other internet-based services free from illegal and harmful material while also defending the freedom of expression. Lord Parkinson, a junior minister in the Department for Culture, Media and Sport, has this week revealed
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LockBit ransomware blamed for Royal Mail attack LockBit has emerged as the most prolific name in ransomware attacks and has now been blamed for an incident that has hit Royal Mail’s international operations. LockBit operators do not just encrypt the files but also commit “double extortion”, where they steal the data and threaten to release
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