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The financial conduct authority fca
Europe's Economic Crossroads: Recession Fears and S&P Global's
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The Financial Conduct Authority (FCA)
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Institutional FX
FCA Fines GT Bank £7.67M for AML Lapses
The bank had lapses in AML systems and controls between October 2014 and July 2019.
It did not rectify the lapses despite multiple internal and external flags.
Tuesday, 10/01/2023 | 10:58 GMT
by
Arnab Shome
Retail FX
Union Standard International (Previously USGFX) Loses FCA Licenses
The license was withdrawn on 16 December 2022.
The broker still operates with an offshore license.
Thursday, 29/12/2022 | 10:28 GMT
by
Arnab Shome
Executives
CXM Prime Gains FCA License, Appoints Muinmos’ Ashraf Agha as CEO
The broker also hired Peter Wilson as the Head of Compliance.
Agha brings over three decades of industry experience to the role.
Tuesday, 27/12/2022 | 19:22 GMT
by
Solomon Oladipupo
FinTech
UK FCA Extends 10% Depreciation Notifications Rule Pending Alternative
The regulator initially planned to stop enforcing the policy by December 31, 2022.
The FCA started adapting the temporary measure in March 2020.
Thursday, 22/12/2022 | 16:42 GMT
by
Solomon Oladipupo
Retail FX
FCA Revokes First TPR Approval for Authorization Application Failure
TPR approval allows EU firms to operate in the UK until they get FCA approval.
Earlier, the FCA revolved TPR approval of several CFDs brokers for regulatory violations.
Wednesday, 21/12/2022 | 12:11 GMT
by
Arnab Shome
Institutional FX
FCA Fines Metro Bank £10M for Compliance Breach
Two former top executives were penalized for knowing about the incorrect data publication.
Both of the former executives appealed against the FCA's decision.
Monday, 12/12/2022 | 09:14 GMT
by
Arnab Shome
Institutional FX
FCA Fines Santander UK £108 Million for Prolonged AML Breaches
The bank failed to monitor the activities of more than 560,000 business customers properly.
The inadequate system was in place for about five years.
Friday, 09/12/2022 | 09:45 GMT
by
Arnab Shome
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CryptoCurrency
TP ICAP Gains UK Registration for Institutional Crypto Exchange
TP ICAP partnered with Fidelity to launch the cryptocurrency exchange.
It will only offer services to institutions.
Thursday, 01/12/2022 | 11:45 GMT
by
Arnab Shome
Institutional FX
FCA Fines Julius Baer £18 Million for Business Integrity Failure
The investment bank agreed to settle with the regulator at an early stage.
It also banned three former Julius Baer employees.
Wednesday, 30/11/2022 | 11:58 GMT
by
Arnab Shome
Retail FX
Eurotrader Boosts UK Presence with FCA License
The broker hired several London-based executives in the past few months.
Eurotrader gained a license in South Africa last year.
Thursday, 24/11/2022 | 17:31 GMT
by
Solomon Oladipupo
Institutional FX
The FCA Proposes 'Synthetic' Dollar LIBOR Rate
The temporary rates will cease at the end of September 2024.
The rates are only for use in some legacy contracts.
Thursday, 24/11/2022 | 06:07 GMT
by
Arnab Shome
FinTech
FCA Opts for Public Censure of Sonali Bank UK Ex-CEO for AML Failure
The UK regulator fined Mohammad Prodhan, the former CEO, £76,400 in 2018.
However, the FCA is replacing that as a result of certain 'exceptional circumstances'.
Friday, 18/11/2022 | 17:58 GMT
by
Solomon Oladipupo
FinTech
UK FCA Rejects 20% of Firms Applying for Authorization
The regulator recently halted the operations of 16 CFD operators
Friday, 28/10/2022 | 15:07 GMT
by
Solomon Oladipupo
Retail FX
Mark Steward Leaves FCA after Seven Years as Enforcement Director
Steward joined the UK regulator in 2015.
He worked previously with financial watchdogs in Hong Kong and Australia.
Tuesday, 18/10/2022 | 13:05 GMT
by
Damian Chmiel
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FinTech
Dutch Central Bank Loses AML Case to Neobank Bunq
Bunq charged the apex bank to court earlier in the year.
The neo bank supports the use of AI, machine learning and other modern tech.
Tuesday, 18/10/2022 | 12:58 GMT
by
Solomon Oladipupo
Retail FX
FCA Stops 16 Suspected CFDs Providers
The regulatory watchdog states that its action saved consumers £100 million a year.
Overall, the FCA has stopped 33 consumer investment firms.
Tuesday, 18/10/2022 | 11:55 GMT
by
Damian Chmiel
Institutional FX
London’s Gatehouse Bank Fined £1.58M for AML Failures
The failures happened even though the bank had AML policies in place.
It has now taken steps to correct the lapses.
Friday, 14/10/2022 | 11:27 GMT
by
Arnab Shome
Payments
ePayments to Shutter after 3 Years of FCA-Ordered Business Suspension
It was ordered to suspend activities due to weaknesses in our financial crime controls.
It processed online payments for high-risk clientele.
Tuesday, 13/09/2022 | 11:21 GMT
by
Arnab Shome
Institutional FX
Citigroup’s Brokerage Subsidiary to Pay £12.6M for Failure to Detect Market Abuse
Citigroup Global Markets breached Article 16(2) of MAR, FCA's Principles for Businesses.
The institutional brokerage firm has agreed to resolve the case, the FCA says.
Friday, 19/08/2022 | 14:15 GMT
by
Solomon Oladipupo
Executives
UK FCA Appoints Home Office's Director to Lead Its Global Strategy
O'Connell is bringing “extensive experience of international affairs" to the role.
He joined the UK Home Office as Director of International, in 2020.
Friday, 05/08/2022 | 13:45 GMT
by
Solomon Oladipupo
CryptoCurrency
The FCA Is Introducing New Guidelines on Promoting High-Risk Investments
Refer-a-friend will be banned from marketing promotions.
A 24-hour period is required for a client to be able to place funds for the investment.
Tuesday, 02/08/2022 | 06:47 GMT
by
Matti Williamson
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Analysis
FinTech
Analysis
Is the UK FCA Doing Enough to Stop Investment Scams?
According to UK Finance, investment scam victims lost £171.7 million in 2021.
The FCA says it can only prosecute fraud as a private prosecutor.
Monday, 01/08/2022 | 08:30 GMT
by
Solomon Oladipupo
Institutional FX
Digital Broker GCEX Introduces 24/7 Forex Trading
The FX trading is mirrored after the company's cryptocurrency trading.
GCEX already offers all-hour crypto trading.
Wednesday, 20/07/2022 | 07:30 GMT
by
Solomon Oladipupo
Institutional FX
FCA Fines TJM £2 Million for Lapses in AML Controls
The fine was related to the cum-ex trading scam.
It was the third case brought by the FCA related to that scam.
Friday, 15/07/2022 | 10:47 GMT
by
Arnab Shome
Executive Moves
Ashley Alder Leaves SFC to Join United Kingdom’s FCA as Chair
He will take up the new role in January 2023.
The FCA is currently Chaired by Richard Lloyd in an interim capacity.
Friday, 08/07/2022 | 05:43 GMT
by
Arnab Shome
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