FCA

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.

The UK government is taking aim at corrupt bankers, lawyers, and accountants and deploying new tech tools to identify dirty money as part of a new strategy to root out tens of billions in illicit funds entering the country each year.

The UK’s Financial Conduct Authority (FCA) has launched a consultation to overhaul the country’s transaction reporting regime, promising both stronger tools to combat financial crime and a lighter reporting burden for firms.

The UK’s Financial Conduct Authority (FCA) has filed a High Court lawsuit against crypto exchange HTX, alleging the platform unlawfully promoted cryptoasset services to consumers in breach of the country’s financial promotions regime, the Financial Times reported. 

The Financial Conduct Authority (FCA) will serve as the sole anti-money laundering (AML) and counterterrorist-financing (CTF) supervisor for the UK’s legal, accountancy and trust and company service provider sectors under a plan announced on Tuesday. 

UK regulators are holding up Revolut’s full banking license amid concerns that the fintech firm’s risk controls are not scaling fast enough with its rapid overseas growth, the Financial Times reported.