After a flurry of AI-related papers from the previous UK Conservative government and regulators in 2023 and the first half of 2024 (and the establishment of the UK’s AI Safety Institute and the AI Policy Directorate),...more
As financial crime risks evolve, including those risks posed by the use of AI and other emerging technologies, so too must firms’ financial crime compliance response. It is unsurprising, therefore, that AI forms part of both...more
1/31/2025
/ Anti-Money Laundering ,
Artificial Intelligence ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Financial Services Industry ,
FinTech ,
Machine Learning ,
Popular ,
Regulatory Requirements ,
Risk Management ,
Third-Party ,
UK
Fraud now accounts for 40% of crime in England and Wales. However, in this era of strained public finances, and the often international dimension to consumer fraud, the Government’s approach has often been to look to the...more
Last week the FCA issued three announcements concerning its approach to the digital future of financial services in the UK. Amongst these was the FCA’s AI Update, their response to the government’s recent AI consultation...more
5/3/2024
/ Artificial Intelligence ,
Bank of England ,
Consultation ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Prudential Regulation Authority (PRA) ,
Regulatory Authority ,
Regulatory Standards ,
UK ,
White Papers
The Prudential Regulation Authority (“PRA”) has kicked-off 2024 by crystallising its new approach to enforcement. The key change is the introduction of the Early Account Scheme (“EAS”), which provides a mechanism for the...more
Social media raises a novel set of risks and challenges to effective financial services regulation, particularly in the field of consumer protection and market integrity. Specifically, regulators have expressed concerns...more
2/14/2024
/ Algorithms ,
Anti-Fraud Provisions ,
Compliance ,
Content Marketing ,
False Statements ,
Financial Conduct Authority (FCA) ,
Financial Promotions ,
Financial Services Industry ,
Market Abuse ,
OFCOM ,
Online Platforms ,
Regulatory Standards ,
Risk Management ,
Social Media
Financial regulators in the UK have been interested for some years in the question of how personal behaviour can affect the risk profile of a financial institution. A recent SEC case suggests that US regulators may now be...more
2/14/2024
/ Consultation ,
Corporate Crimes ,
Corporate Officers ,
Criminal Justice Reform ,
Criminal Liability ,
Diversity and Inclusion Standards (D&I) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Internal Controls ,
Proposed Legislation ,
Prudential Regulation Authority (PRA) ,
Respondeat Superior ,
Securities and Exchange Commission (SEC) ,
UK
The FCA have stated that firms should “have scope to innovate whilst protecting consumers” – but what does this mean in the context of rapidly developing AI technology? In particular, how does the higher standard imposed by...more
The Economic Crime and Corporate Transparency Act was passed by Parliament on 26 October. The Act makes significant changes to the law of corporate criminal liability....more
11/6/2023
/ Corporate Crimes ,
Corporate Liability ,
Criminal Liability ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Financial Services Industry ,
Fraud ,
Regulatory Oversight ,
Regulatory Standards ,
Transparency ,
UK
The Economic Crime and Corporate Transparency Act (ECCTA) introduces a suite of wide-ranging reforms to tackle economic crime and improve transparency over corporate entities. Under the ECCTA, Companies House will have...more
The FCA released its 2022/23 Annual Report last week together with data on its key enforcement trends. We consider below some of the key takeaways....more
7/28/2023
/ Annual Reports ,
Anti-Money Laundering ,
Artificial Intelligence ,
Compliance ,
Consumer Protection Laws ,
Criminal Investigations ,
Enforcement Actions ,
Enforcement Statistics ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Financial Services Industry ,
Fraud ,
Investigations ,
UK