Corporate Crime & Compliance UK

  • June 30, 2022

    FINRA Fines Barclays $2.8M Over Disclosure Issues

    Barclays Capital Inc. will pay $2.8 million to settle allegations from the Financial Industry Regulatory Authority that it included inaccurate information in trade confirmations sent to customers and failed to put a proper compliance supervisory system in place.

  • June 30, 2022

    Deutsche, NatWest Eye Deals Worth $34M In Swiss Libor Case

    A proposed class of investors accusing various financial institutions of conspiring to manipulate the Swiss franc Libor has asked a New York federal court to approve a $21 million settlement with NatWest Markets and a $13 million settlement with Deutsche Bank.

  • June 30, 2022

    ICO Tries New Path To Get Public Sector In Line On Data

    The U.K.'s privacy watchdog said Thursday it planned to issue fewer fines to public sector organizations amid concerns that financial penalties weren't persuading them to improve compliance.

  • June 30, 2022

    FCA Wants £13.5M Over Investment Firm's Unauthorized Fund

    The Financial Conduct Authority is seeking to claw back around £13.5 million ($16.4 million) from an investment firm and its director over allegations the company unlawfully accrued money from a fund it promoted without having authorization.

  • June 30, 2022

    Staffing Company To Appeal £11M Tax Bill Over Worker Status

    A contractor staffing agency has vowed to appeal a tribunal's ruling upholding an £11 million ($13.3 million) tax bill after concluding that its workers' food and travel expenses were taxable because they did not have an overarching contract of employment.

  • June 30, 2022

    Ex-Jones Day Atty Cops To Giving 'Burn' Order In Ocado Suit

    A former senior Jones Day lawyer testified at trial Thursday that he gave an order to "burn" a messaging application to protect his politician wife from being dragged into litigation brought by online grocer Ocado without considering the need to preserve communications.

  • June 30, 2022

    EU Backs Extending AML Rule To Cover Crypto-Transfers

    The European Union's decision-making bodies have agreed to extend financial crime transparency rules to the digital asset sector, in line with global efforts to tackle money launderers using new technologies.

  • June 30, 2022

    Global Standards Setter Proposes New Crypto-Regulation

    A global standards setter for financial regulators called Thursday for a cut to the amount of capital that banks should hold when trading in risky digital assets such as bitcoin to help them stay resilient if the value of their crypto-holdings plummets.

  • June 30, 2022

    Apple To Face £1.5B UK Class Action Over App Store Charges

    The U.K.'s specialist antitrust court ruled Thursday that a £1.5 billion ($1.8 billion) lawsuit accusing Apple of abusing its market dominance by charging "excessive" commissions on app sales can go ahead as a collective action.

  • June 30, 2022

    FCA Gets Win Against Last Of 6 Deposit Scammers

    The former director of a soccer league operator has admitted to defrauding investors out of £1.3 million ($1.35 million), averting a trial by becoming the last of six defendants to reach a deal with the Financial Conduct Authority.

  • June 30, 2022

    Lloyd's Raises Alarm Over Rising Risks Of Online Attacks

    Lloyd's of London said on Thursday that insurers must help customers strengthen their IT security, warning that there is a growing threat of politically motivated online attacks against the world's infrastructure and private assets.

  • June 30, 2022

    Atty Says Businessman Would Face Unfair Trial In Montenegro

    The founder of a Montenegro financial corporation would not get a fair trial if he is extradited to the Balkan country to face charges of defrauding his company out of €12.5 million ($13 million), an expert legal witness told a London court on Thursday.

  • June 30, 2022

    EU Accepts Fix For Ireland Insurers' Competition Concerns

    The European Commission has ruled that Insurance Ireland has a legal obligation to offer non-members access to its claims database, after the initial findings of an antitrust probe suggested that restrictions put in place by the trade body could have hindered competition in the country's insurance market.

  • June 30, 2022

    Swiss Gov't Aligns With EU On Oil, Services Sanctions

    The Swiss government has announced it will adopt most of the financial and trade sanctions imposed on Moscow by the European Union, including a trading ban on Russian crude oil and petroleum products alongside a range of financial and professional services restrictions.

  • June 29, 2022

    MPs Blast 'Shameful' UK Efforts To Tackle Dirty Money

    Britain's role as a safe haven for corrupt wealth is a "stain on our reputation," an influential group of MPs said on Thursday as they urged the government to introduce tougher laws and enforcement powers to clamp down on kleptocrats using London to launder criminal wealth.

  • June 29, 2022

    SRA Fine Ceiling Jumps Despite Industry Pushback

    A U.K. legal regulator can now fine solicitors and firms up to 1,150% more for misconduct under new rules designed to leave only the most serious cases in the tribunals, a move that has been derided by the trade association for solicitors.

  • June 29, 2022

    Dentons, Freshfields To Retain 90% Of Trainees In Fall Hires

    Freshfields Bruckhaus Deringer LLP and Dentons both said Wednesday that they are poised to retain about 90% of their trainees in fall 2022, as U.K. law firms continue to reveal how many of their newly qualified solicitors will be staying on.

  • June 29, 2022

    High-End Jeweler Sues Insurer Over $9M Cyber-Ransom

    A luxury British jeweler has sued a Lloyd's syndicate member to recover $9 million it spent after falling victim to a Russian ransomware attack that prompted press coverage of leaked celebrity clients and a rare apology from the hackers.

  • June 29, 2022

    UK Urged To Amend Draft Rules To Combat Insurance Fraud

    A U.K. consumer organization called on the government on Wednesday to plug potential holes in its draft online safety rules, saying a study it ran showed that social media sites are serving as platforms for insurance scams.

  • June 29, 2022

    IT Pro Was 'Stupid' To Obey Jones Day Atty's 'Burn' Order

    An IT manager testified at a trial on Wednesday that he was "stupid" to comply with instructions from a senior Jones Day lawyer to destroy a secure messaging system in an alleged attempt to conceal evidence of corporate espionage from supermarket group Ocado.

  • June 29, 2022

    L'Oréal Blames Poor Security For Warehouse Theft

    French cosmetics giant L'Oréal and its insurers have sued a logistics and facilities company after they paid out for a hoard of stolen beauty products, saying that lapsed warehouse security systems at the firm's site were to blame for the heist.

  • June 28, 2022

    Denmark Asks Court To Keep $2.1B US Pension Tax Fraud Suit

    Several U.S. pension plans shouldn't be allowed to escape a suit from Denmark's tax agency claiming they committed a $2.1 billion fraud, the agency told a New York federal court, arguing the case doesn't impermissibly implicate foreign tax laws.

  • June 28, 2022

    Slater & Gordon Restructures UK Business Into 2 Units

    Slater & Gordon said Tuesday it would create separate units to focus on volume work and specialist legal services after disappointing financials for 2020 prompted a strategic review of the law firm's U.K. business.

  • June 28, 2022

    Restaurateur Gets 2 Years In 1st COVID Loan Fraud Case

    A former pizza shop owner was sentenced to two years in prison for seeking a COVID-19 relief loan after shuttering his business, marking the first successful criminal prosecution of Bounce Back loan fraud.

  • June 28, 2022

    Citi Beats UN Fund Manager's 'Fanciful' €10B Suit

    A judge dismissed a €10 billion ($10.5 billion) lawsuit on Tuesday filed by a money manager with purported ties to the United Nations against Citibank, finding the basis of his claims to be "entirely fanciful." 

Expert Analysis

  • New Clarity On Scope Of Banks' Quincecare Duty To Clients

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    A recent U.K. Privy Council decision clarified that a bank’s Quincecare duty to prevent banking fraud extends only to its customers, so third-party investors seeking protection may need to make alternative arrangements, say attorneys at Collyer Bristow.

  • Examining UK Commission's Corporate Crime Reform Ideas

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    The Law Commission of England and Wales' recent recommendation of changes to corporate criminal law is a pragmatic attempt to address the practical shortcomings with the existing identification doctrine, and is likely to be welcomed by both companies and the agencies that would be enforcing it, say Alun Milford and Matthew Burn at Kingsley Napley.

  • How ESG Matters Are Influencing M&A Due Diligence Trends

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    With a proliferation of environmental, social and governance-related regulatory developments and a desire to comply with best practice, ESG matters have become an increasingly important area of focus for both clients and advisers in M&A transactions, say attorneys at Sullivan & Cromwell.

  • FCA Review Offers 'Challenger Banks' Advice On Crime Risks

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    Challenger banks should take heed of concerns arising from the Financial Conduct Authority's review of their crime control practices, and thus prove to insurers that they have taken adequate measures to improve their risk profile, say James Wickes and Amber Oldershaw at RPC.

  • Changes To UK Competition Rules Will Extend CMA Powers

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    Recent amendments to U.K. competition and consumer law regimes introduce changes to merger control and antitrust investigations that will result in the speedier resolution of cases and greater autonomy for the Competition and Markets Authority, say Bill Batchelor and Aurora Luoma at Skadden.

  • EU Risk Retention Standards Final Draft Offers Clarity

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    The long-awaited final draft of regulatory technical standards in relation to EU risk retention provides welcome detail and clarification of the rules and due diligence requirements, and is an important step toward finalizing the EU regime in this area, says Merryn Craske at Morgan Lewis.

  • J5 Warning Highlights Growing Risk Of NFT-Related Crime

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    As NFTs increase in popularity, so does the risk of such assets being used by those looking to exploit them for criminal gain, as illustrated by the Joint Chiefs of Global Tax Enforcement's recent warning of the possible dangers, says Syed Rahman at Rahman Ravelli.

  • New Anti-Modern Slavery Bill Unlikely To Accomplish Goals

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    A new bill has been introduced to increase the accountability of organizations to tackle modern slavery, but without requiring the establishment of a corporate strategy and imposing sanctions for noncompliance, the U.K.'s response to modern slavery in general is unlikely to meaningfully improve, says Alice Lepeuple at WilmerHale.

  • Opinion

    FCA Proposal Fails British Steel Pension Scandal Victims

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    The Financial Conduct Authority’s proposed redress scheme for victims of the British Steel pension misselling scandal fails to ensure those affected are compensated in full, and with many advisory firms being forced into insolvency, looks set to create further problems rather than resolve them, say Ben Rees and Alessio Ianiello at Keller Lenkner.

  • Coca-Cola Case Offers Anti-Bribery Compliance Lessons

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    A recent Southwark Crown Court bribery case involving a former Coca-Cola manager and three companies highlights the importance of robust compliance procedures and the need for companies to be aware of the actions of employees and third parties in day-to-day operations, say attorneys at Kennedys.

  • How New Framework Could Ease EU-US Data Transfer Burden

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    The recently proposed Trans-Atlantic Data Privacy Framework would facilitate the transfer of personal data between the EU and participating U.S. companies and leave the U.K. to play catch-up, but there remain risks of the same legal challenges that invalidated previous data transfer arrangements, says Fred Saugman at WilmerHale.

  • What EU Corporate Sustainability Plan Means For Contracts

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    The EU's proposed directive on corporate sustainability due diligence would have a significant impact on contractual assurances in relation to human rights and environmental impacts, says Francois Holmey at Carter-Ruck.

  • When Investment Funds Are Not As Green As They Suggest

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    With the growing demand for funds that offer sustainable investment, there is increasing potential to discover that funds have misled investors, which in certain situations could result in a claim for legal redress for misselling, say attorneys at Keller Lenkner.

  • How Dawn Raid Procedures Differ Since COVID-19

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    Dawn raids are back, but in the aftermath of Brexit and COVID-19, much has changed in who has jurisdiction and how people work, and individuals and companies need to update their procedures to ensure that their rights are protected, say attorneys at White & Case.

  • How A New Law Tightens The Screw On Dirty Money In The UK

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    By backing up and enhancing the unexplained wealth order regime in a significant rewriting of the rules, the long-awaited Economic Crime (Transparency and Enforcement) Act should do much to improve due diligence procedures and raise the standards for foreign wealth making its way to the U.K., says Syed Rahman of Rahman Ravelli.

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