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UK: Financial watchdogs told to boost City abroad

The Treasury is to overhaul the role of financial regulators to ensure they do more to boost the international competitiveness of the City after Brexit. John Glen, the City minister, told insurers and banks this week that regulators including the Financial Conduct Authority needed to “smell the… Read More

PNC owes $107 mln for Allegiant’s ‘egregious’ breach of trust – 8th Circ

A predecessor’s failure to safeguard trust assets against a massive fraud scheme involving pre-need funeral contracts will cost PNC Bank $107 million, the 8th U.S. Circuit Court of Appeals held Monday. PNC, represented by Dowd Bennett, argued that the $100 million judgment should be reduced to $46 million and that… Read More

IMPACT ANALYSIS: U.S. advisory warns on Hong Kong risk but vague on enforcement inclinations

The U.S. departments of State, Treasury and Homeland Security recently issued a joint advisory warning U.S. companies in Hong Kong of escalating financial, legal and reputational risks associated with doing business in the territory. The advisory attributes “many” of these risks to implementation of the National Security Law (NSL) and… Read More
22nd July 2021
Milan prosecutors are investigating Lombard International Assurance (LIA), a Luxembourg-based insurer owned by U.S. fund Blackstone, due to allegations of tax evasion and money laundering, two judicial sources said. Newspaper Sole 24 Ore had reported the investigation on Wednesday and the judicial sources confirmed the details of the report. The… Read More
20th July 2021
Six Danish pension providers have been ordered to revise their risk assessments regarding money laundering, after the country’s financial watchdog followed through on a tightening of the regulations at the end of last year. AP Pension was given several official orders to correct procedures, while others, such as Danica Pension… Read More
15th July 2021
The European Union’s planned new anti-money laundering agency will have broad powers to subject the bloc’s “riskiest” financial institutions—and their national supervisors—to rigorous scrutiny, a draft regulation obtained by ACAMS moneylaundering.com shows. On July 20, the European Commission, the EU’s executive branch, will unveil a wide-ranging regulation to enhance the… Read More
13th July 2021
When President Biden signed Executive Order (E.O.) 14024 in April, there were likely more than a few eyebrows raised within the compliance community. For one, the order, which authorized the imposition of sanctions on Russian interests for “specified harmful foreign activities”, marked a departure from the previous administration’s response to the alleged… Read More
30th June 2021
The Financial Action Task Force (FATF) on Tuesday outlined guidance for national supervisors, banks and other firms on how to identify and mitigate their exposure to the funding of weapons of mass destruction. The guidance follows the intergovernmental organization’s formal adoption in October of revisions to its Recommendation… Read More
25th June 2021
The European Union imposed wide-ranging economic sanctions on Belarus for the first time on Thursday, targeting its main export industries and access to finance a month after it forced a Ryanair flight to land in Minsk. The measures include banning EU businesses from importing goods or doing business with Belarusian… Read More
27th May 2021
Manhattan’s district attorney has convened the grand jury that is expected to decide whether to indict former president Donald Trump, other executives at his company or the business itself, should prosecutors present the panel with criminal charges, according to two people familiar with the development. The panel was convened recently… Read More
23rd May 2021
CNA Financial Corp., among the largest insurance companies in the U.S., paid $40 million in late March to regain control of its network after a ransomware attack, according to people with knowledge of the attack. The Chicago-based company paid the hackers about two weeks after a… Read More
9th May 2021
One of Europe’s top five insurers has said it will stop reimbursing people in France who pay up after being targeted by cybercriminals with ransomware. The global insurance company said on Thursday that it will stop writing cyber-insurance policies that cover customers for extortion payments to ransomware attackers. Ransomware attacks… Read More
28th April 2021
A former minister in the government of Barbados was sentenced on Tuesday to two years in prison for laundering bribes he received from a Barbadian insurance company through a U.S. bank, the U.S. Justice Department said. Donville Inniss, 55, who had served as minister of industry in the Caribbean nation… Read More