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HM Treasury releases consultation response and draft legislation on regulating ESG ratings providers

November 12, 2024

HM Treasury has published its response to the outcome of its consultation on the future regulatory regime for Environmental, Social, and Governance (ESG) ratings providers, detailing the scope of the proposed regulatory framework, along with related draft legislation. Responses and comments on the draft regulation are sought by 14 January 2025.

FCA secures convictions against two individuals for £1.5m investment fraud

November 12, 2024

Between February 2017 and June 2019, the two defrauded 65 investors of £1.5 million through fake crypto investments. Bedi and Mavanga both pleaded guilty to multiple offences, including conspiracy to defraud and ML while Mavanga was convicted of perverting justice by deleting evidence. A third defendant faces a retrial in 2025, and a fourth, Rowena Bedi, was acquitted of money laundering charges…

Companies House Strategic Intelligence Assessment provides a clear overview of identified threats, including the misuse of corporate structures for ML, fraud, and corruption

November 10, 2024

It emphasises the risks associated with shell companies, opaque ownership, and international criminal networks exploiting UK business registrations. The NCA estimates that ML affecting the UK may exceed £100 billion annually. The key concerns include mass corporations: Criminals may exploit mass incorporations to establish shell companies, increasing fraud & ML, with a 19.3% rise…

The Cambridge Centre for Alternative Finance (CCAF) unveils its 2nd Global Cryptoasset Regulatory Landscape Study, highlighting the emerging practices and early lessons learned

November 9, 2024

Some quick insights include: Cross-Border Challenges: The global nature of crypto assets makes regulation complex. While countries are working together more closely, they’re also setting up national restrictions to control the risks of offshore activities. Focus on Stablecoins and DeFi: Stablecoins are drawing intense scrutiny, especially in developed economies, where there’s concern over stability and redemption rights. DeFi remains mostly unregulated, with regulators more interested in controlling access points like user interfaces rather than the protocols themselves…

UK House of Lords select committee calls for introduction of mandatory human rights due diligence

November 7, 2024

The committee emphasizes that businesses must be legally required to conduct thorough checks on their operations and supply chains to identify and address any potential human rights violations, including forced labor and exploitation. This recommendation highlights the growing pressure on businesses to take proactive responsibility for the human rights impacts of their activities, as the UK government seeks to align more closely…

Gambling Commission publishes its 2024 Young People and Gambling Report, its annual study into children’s and young people’s exposure to, and involvement in, all types of gambling

November 7, 2024

The research was conducted in schools, with pupils completing online self-completion surveys in class. The study collected data from a sample of 3,869 11 to 17 year olds between January and June 2024. Headline statistics include: 27 percent of young people spent their own money on gambling in the 12 months prior to taking part in the survey; the most common types of gambling activity that young people spent their own money on were legal or did not feature age restricted products…

HM Treasury issues guidance on the offence of ‘failure to prevent fraud’ introduced by ECCTA

November 6, 2024

Under the offence, which was created by the Economic Crime and Corporate Transparency Act 2023, an organisation may be criminally liable where an employee, agent, subsidiary, or other “associated person”, commits a fraud intending to benefit the organisation and the organisation did not have reasonable fraud prevention procedures in place.

SRA releases its latest AML Annual Report 2023-24, showing increased regulatory action against firms

November 5, 2024

Report shows that in 2023/24 the Solicitors Regulatory Authority (SRA) took regulatory action against firms in relation to anti-money laundering breaches in 78 cases – an increase on the previous year (47). In more than half of the cases, the most common breaches related to firms having inadequate risk assessments or AML controls. 44 fines were issued, totalling £556,832.

UK PM announces further funding for the National Crime Agency (NCA) and new migration returns figures

November 4, 2024

The Prime Minister has announced two new elements of this government’s approach to boost border security and restore order to the asylum system – a £58 million boost for the National Crime Agency (NCA) and new figures showing 9,400 people with no right to be here have been returned since the government took power.

Legal Futures admits that one in five law firms are fully compliant with AML regulations

November 4, 2024

Only 22% of law firms inspected by the Solicitors Regulation Authority (SRA) last year were fully compliant with AML rules. The SRA’s annual AML report revealed a significant increase in enforcement actions against firms and individuals. Non-compliance was primarily due to inadequate focus by senior executives, insufficient training and supervision, and ineffective systems that allowed unchecked transactions…

FCA fines Starling Bank £28.96m for serious shortcomings in its AML systems, notably regarding financial sanctions screening and the identification of beneficial owners and high-risk individuals

October 28, 2024

Deficiencies detected include Starling only screened its customers against the sanctions records for individuals who were known to reside or have links to the UK. A misconfiguration in the screening system that had existed since 20 July 2017 resulted in customers or prospective customers only being screened against individuals on the Consolidated List…

FCA cracks down on unregulated “finfluencers” promoting illegal financial products on social media, increasing scrutiny and taking legal action against those violating regulations

October 26, 2024

The FCA issued 38 alerts on social media accounts run by finfluencers suspected of promoting financial products illegally as scams increasingly impact young people. With 62% of 18-29-year-olds following influencers and many trusting their advice finfluencers’ promotions can significantly shape financial decisions…

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