FCA

Financial firms have improved their sanctions controls but persistent weaknesses in due diligence, screening, and asset-freezing controls continue to drive compliance violations, the U.K. Financial Conduct Authority (FCA) said in a multi-firm review published Thursday.

The chief executive of Britain’s Financial Conduct Authority (FCA) said the regulator will no longer be able to defend against every illicit-finance threat equally and must openly prioritize what it focuses on as technology-linked scams continue to rise. 

The Financial Conduct Authority (FCA) and other UK authorities shut down eight sites across London as part of a crackdown on illegal peer-to-peer crypto trading, the agency announced on Wednesday. 

Britain’s Financial Conduct Authority has launched a consultation on guidance for the UK’s future crypto regime, as the regulator moves toward opening authorizations for crypto firms later this year. 

UK financial regulators are urgently assessing the risks posed by Anthropic’s latest AI model after concerns that its ability to uncover software vulnerabilities could expose major financial institutions to new cybersecurity threats.

Britain’s financial regulator has opened an investigation into collapsed mortgage lender Market Financial Solutions, marking the first formal regulatory probe into the Mayfair-based group after its failure amid fraud allegations.

The UK’s current system of supervisors overseeing the anti-money-laundering (AML) programs of law firms, accountancies, and other professional bodies is failing to take “sufficiently dissuasive disciplinary measures” against those that fail to meet compliance standards, according to a new report. 

The UK’s Financial Conduct Authority (FCA) will fast-track approvals for defense-focused investment funds in an effort to make it easier for investors to access stocks and bonds tied to Europe’s accelerating rearmament.

UK law firms are preparing for more stringent oversight of their anti-money laundering (AML) programs after the Financial Conduct Authority (FCA) was designated as the compliance supervisor for the legal sector, The Guardian reported.

Nationwide Building Society has been hit with a £44-million fine by the UK’s financial regulator over longstanding weaknesses in its systems to detect and prevent financial crime, including failures that allowed tens of millions of pounds in fraudulent Covid furlough payments to pass through a customer’s account.