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Corporate Crime & Compliance UK

Hand using laptop and show malware screen with phishing email, hack password and personal data.

Looser SMCR May Leave Banks More Open To Fraud Charges

The Financial Conduct Authority's proposed partial relaxation of the approval process under its senior managers regime as the U.K. pushes for deregulation could leave companies more exposed to fraud prosecution as the failure to prevent fraud offense goes live in September.

Downing Street and Whitehall street signs, London

UK Top Court's Leeway On Sanctions Could Embolden Gov't

The respect shown by the U.K. Supreme Court to the British government on foreign affairs could encourage ministers to use sanctions in unforeseen ways, allowing politicians to achieve policy goals that are limited by legal challenges, lawyers say.

Southend Court House in Southend-on-Sea, Essex

Traders' Win Casts Doubt On Plans For No-Jury Fraud Trials

Repeated failure by the courts to ensure that two former traders imprisoned for rigging benchmark interest rates were given a fair trial has fueled criticism of radical reforms to roll back jury trials in complex fraud cases to ease pressure on the judicial system.

Hayes' Victory Leaves SFO Rate Rigging Convictions In Doubt

The decision by the U.K. Supreme Court to quash the convictions of two former traders accused of manipulating interest rates has opened the door for other bankers to challenge the fairness of their trials, lawyers say.

August 01, 2025
The Times Says Mogul Misconduct Articles Are Public Interest

The publisher of The Times newspaper has hit back against a London privacy claim brought by the founder of an exclusive mobile phone provider, saying that articles concerning allegations of wrongdoing against him did not violate his privacy because they concerned possible criminality.
August 01, 2025
Laundering Suspect Uses El-Khouri Case To Fight Extradition

A man charged with laundering $725,000 of purported criminal cash following a sting operation cannot be extradited to the U.S. because the alleged conduct took place in Britain, his lawyer told a court Friday.
August 01, 2025
Ex-AllSaints Chair In Contempt Over Share Sale Fraud Claims

A London court ruled Friday that the former chairman of AllSaints was in contempt of court for breaching an order to stop claiming an interest in shares in the high street fashion chain after his fraud allegations were rejected.
August 01, 2025
HMRC Freezes 拢1.4M In Suspected Money Laundering Assets

HM Revenue & Customs on Friday secured a freezing order on three properties and a bank account worth a combined 拢1.4 million ($1.9 million) that it suspects were sourced with the proceeds of money laundering or unregistered money services.
August 01, 2025
Gov't Fines UK Biz For Russia Sanctions Breach

The U.K.'s Office of Financial Sanctions Implementation has fined U.K.鈥慴ased business support services provider Markom Management Ltd. for violating financial sanctions tied to Russia's 2014 annexation of Crimea.
August 01, 2025
Top Court Hands Banks Major Win Over Motor Finance Fees

Car finance providers won a major victory in a landmark case over commission payments on Friday when the U.K.聽Supreme Court ruled that they did not owe a duty to provide customers with information about the fees, potentially avoiding a multibillion-pound compensation scheme.聽
August 01, 2025
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen several telco giants hit with a trademark claim, a collapsed hotel company sue a property investor in an ongoing dispute over a decades-old hotel sale, and two litigation funders square off against each other.
August 01, 2025
BT Customers Lose Bid To Revive 拢1.3B Unfair Pricing Claim

BT customers lost their attempt Friday to revive a 拢1.3 billion ($1.7 billion) class action against the telecommunications giant, after the Court of Appeal ruled there was聽nothing wrong with the assessment of evidence used to decided whether the company charged excessive and unfair prices.聽
August 01, 2025
FCA Hits Brokerage With 拢1M Fine For Deal Report Failures

The City watchdog said Friday that it has hit a global brokerage聽with a fine of more than 拢1 million ($1.3 million) for the "particularly serious" failure to submit complete and accurate transaction reports over a five-year period.
July 31, 2025
Yahoo Says Chubb Unit Must Cover Potential EU Privacy Fines

Yahoo says a Chubb subsidiary is obligated to cover regulatory fines that might be leveled against one of the tech company's subsidiaries for violating the European Union's data privacy law, but the insurer has refused to honor the policy, according to a lawsuit filed this week in Delaware.
July 31, 2025
Asset Freeze Sticks In Billionaire's $415M Fraud Case

A London appeals court on Thursday upheld an asset freeze against a man accused of defrauding Ricardo Salinas Pliego out of more than $415 million, finding no reason to doubt the Mexican billionaire is "exceedingly wealthy" and able to compensate the other side if he ultimately loses his claim.
July 31, 2025
Developer Denies Misusing Victims' Funds In 拢226M Fraud

A developer convicted for running a 拢226 million ($299 million) Ponzi scheme denied treating overseas properties bought with his victims' money as his "pension fund" as he gave evidence in court Thursday.
July 31, 2025
SocGen, ING Win 鈧�212M EuroChem Bonds Sanctions Fight

A Russian subsidiary of EuroChem lost its fight Thursday to force European banks to pay out on 鈧�212 million ($242 million) worth of bonds, after a court ruled that the payouts are blocked because the Swiss聽agricultural chemicals聽company is owned by a sanctioned oligarch.
July 31, 2025
West Ham Star Cleared Of Spot-Fixing Matches

The Football Association said Thursday that an independent panel has cleared West Ham United player Lucas Paquet谩 of four spot-fixing charges linked to allegations that he had deliberately received yellow cards in four Premier League matches.
July 31, 2025
FCA Finds Failings In Digital Loan Application Processes

The Financial Conduct Authority said Thursday that some companies are designing digital loan application processes badly, slowing decision-making and excluding cost information that consumers need.
July 31, 2025
SRA Warns Law Firms Over Handling Of Motor Finance Claims

The solicitors' watchdog warned law firms Thursday that they must tell prospective clients about possible cost-free ways to pursue their motor finance commission claims before agreeing to act on a case for a fee.
July 31, 2025
FCA Probe Target Gets 12 Months In Jail For Contempt

An exiled businessman suspected of offering unregulated debt counseling has been handed a 12-month prison sentence for deliberately breaching restrictions on his assets by spending $84,000 on luxury items, travel and hotels.
July 31, 2025
EU Prosecutors Seize 鈧�486K Amid Fraud Investigation

European prosecutors and Italian police have seized assets worth 鈧�486,000 ($556,000) from several companies and individuals accused of fraud and money laundering, with prosecutors alleging that they provided false documentation to obtain subsidies.
July 30, 2025
Greek Shipping Magnate's Heirs Battle Over 鈧�72M Loan Deal

A company linked to the son-in-law of a deceased Greek shipping magnate has denied that a 鈧�72 million ($83 million) loan agreement with the magnate's former business was a sham, amid a family dispute over the magnate's estate.
July 30, 2025
BigLaw Firms Ordered To Explain Leak Of PrivatBank Decision

Law firms including Hogan Lovells and Fieldfisher LLP will be required to provide witness statements after the High Court judge overseeing the long-running PrivatBank fraud case revealed on Wednesday that his judgment had apparently been leaked.
July 30, 2025
Gupta Hit With $6.7M Fraud Claim Over False Deposit Docs

A U.K. commodities broker won its bid on Wednesday to bring a fraud claim worth almost $7 million against Prateek Gupta, with the High Court dismissing the metal mogul's argument that the claim shouldn't be heard in England.
July 30, 2025
Govt's National Wealth Fund Ignored Worker's Pay Concerns

The U.K. government's National Wealth Fund subjected an employee to sexual discrimination after it failed to address his request for a pay review, an Employment Tribunal has ruled.
July 30, 2025
Axed Charity Staffer Wins Early Battle In Whistleblowing Claim

A tribunal has ordered a London charity to reinstate a former member of staff or keep paying her after she showed there is a "pretty good chance" that her whistleblowing over an irregular payment led to her dismissal.
July 30, 2025
PrivatBank Wins $1.9B Fraud Case Against Ex-Owners

The former owners of PrivatBank are liable to pay the Ukrainian lender for a fraud that cost the bank billions, a London judge ruled on Wednesday almost two years after the trial over聽sham loans linked to fictitious commodity trades concluded.聽
July 29, 2025
JV Partner Found To Have Inflated Costs In London Project

A Dubai-based businessman has largely succeeded in a complex dispute over a joint venture after a London judge ruled that other parties to the deal had inflated costs in invoices to pocket part of the payments as profit.

Editor's Picks

6 Bombshell Moments From Staley's Bid To Clear His Name

Jes Staley has suffered a bruising week as he testified about his relationship with Jeffrey Epstein, culminating in an admission by the former banker that he had sex with a member of the disgraced financier's staff.
5 Questions For Spencer West Partner Karl Foster

The Financial Conduct Authority's approach to enforcement and consumer protection has come up against government economic growth priorities and resistance from the sector to its proposals to "name and shame" companies聽early on during regulatory probes.
UK Russia Sanctions Face Landmark Test At Supreme Court

The U.K.'s sanctions regime faces a major test on Wednesday as billionaire Eugene Shvidler seeks to have his financial restrictions cast off 鈥� the first case to challenge Russian sanctions that has reached the country's highest court.

Expert Analysis

23andMe Fine Signals ICO's New GDPR Enforcement Focus

Many of the cybersecurity failures identified by the Information Commissioner鈥檚 Office in its investigation of 23andMe, recently resulting in a 拢2.3 million fine, were basic lapses, but the ICO's focus on several new U.K. General Data Protection Regulation considerations will likely carry into the future, say lawyers at Womble Bond.
What New UK Stub Equity Rules Will Mean For PE Bidders

The U.K. Takeover Panel鈥檚 recent guide to making stub equity offers, for the first time formally harmonizing the approach to be taken, should be helpful for both private equity bidders and practitioners, and not unduly restrictive, say lawyers at Davis Polk.
UK FDI Enforcement Continues, But Changes Are On The Way

With the U.K. government鈥檚 recent foreign direct investment investigation into Maple Armor鈥檚 increased shareholding in Fireblitz demonstrating the National Security and Investment Act鈥檚 wide scope, an announcement this month that certain transactions will no longer require mandatory notification represents a welcome simplification, says Matthew Hall at McGuireWoods.
What Cos. Must Note From EU's Delivery Hero-Glovo Ruling

The European Commission鈥檚 recent landmark decision in Delivery Hero-Glovo, sanctioning companies for the first time over a stand-alone no-poach cartel agreement, underscores the potential antitrust risks of horizontal cross-ownership between competitors, say lawyers at McDermott.
What To Expect As FCA Preps To Launch AI Testing Service

The Financial Conduct Authority鈥檚 forthcoming artificial intelligence live testing service will provide participants with access to appropriate regulatory expertise, but to gauge the tool鈥檚 potential utility, it is important to understand how it fits in with what the regulator is already doing, says Omar Salem at Fox Williams.
New Interpol Silver Notice Could Be Tool For Justice Or Abuse

Interpol has issued dozens of Silver Notices to trace and recover assets linked to criminal activity since January, and though the tool may disrupt organized crime and terrorist financing, attorneys must protect against the potential for corrupt misuse, say attorneys at Clark Hill and Arktouros.
Weighing PE Transaction Risks As EU AI Act Rolls Out

As the European Union Artificial Intelligence Act becomes effective in stages, legal practitioners involved in private equity deals should consider the transactional risks resulting from this measure, including penalties, extraterritorial reach and target-firm applicability, say lawyers at Covington.
Preparing For Literacy Compliance Under EU AI Act

The European Commission's recent Q&A on artificial intelligence literacy is designed to assist with European Union AI Act compliance, but since the law does not require a one-size-fits-all approach, organizations need to consider specific use cases and focus on implementing staff training, says Edward Machin at Ropes & Gray.
EU Banking Watchdog Regulations Herald New AML Era

The European Banking Authority鈥檚 forthcoming anti-money laundering package will set a framework for compliance across the European Union by redefining the rules of engagement between financial institutions and supervisors, setting a new standard for transparency and accountability, say lawyers at A&O Shearman.
UK-EU Competition Agreement Signals Rebuilding Of Ties

The European Commission鈥檚 recent adoption of proposals to sign the European Union-U.K. competition agreement is a welcome first step toward better policy and enforcement convergence, providing a clearer legal framework for businesses to manage regulatory risk, says Charles Whiddington at Steptoe.
What To Expect As UK, US Gov'ts Develop Stablecoin Policies

While the U.K. and U.S. governments鈥� policies both suggest that fiat-backed stablecoins can improve efficiency and safety in payments systems, a perception that crypto-assets remain high risk means consumers are unlikely to use them in significant volume anytime soon, say lawyers at Cadwalader.
Decoding Arbitral Disputes: UK Injunctions Across Borders

A recent High Court of Justice decision allowing JPMorgan Chase Bank to block VTB Bank from bringing suit in a Russian court provides a seminal reflection on the power of English courts to issue antisuit injunctions when global banking disputes increasingly straddle multiple jurisdictions, says Josep Galvez of 4-5 Gray's Inn.
7 Reforms To Note Under New UK Data Protection Law

Although the recently enacted Data Use Act鈥檚 changes to U.K. law are subtle, its reforms go beyond data protection, including changes that redefine the scope of scientific research and an update that clarifies what constitutes automated decision-making, says James Castro-Edwards at Arnold & Porter.
How Regulators Want Online Platforms To Fight Finance Fraud

Recent statements from the International Organization of Securities Commissions and the European Securities and Markets Authority make clear that online platform providers are expected to adopt proactive measures to prevent the promotion of unauthorized financial services and related misconduct, say lawyers at Taylor Wessing.
FCA Notes Industry Criticism But Keeps Transparency Focus

The Financial Conduct Authority鈥檚 recently updated enforcement guide finally gives up the "naming and shaming" public interest test, demonstrating that the regulator has recognized the industry's serious concerns while maintaining less contentious aspects of its proposals to improve transparency in investigations, say lawyers at Irwin Mitchell.