What can UK companies and CISOs learn from a recent US court ruling on an investigation by the US SEC into US company SolarWinds' alleged misstatements made prior to, and after, cyber-attacks? Charlie Weston-Simons and Isobel Whitby look at what the UK authorities might have done if SolarWinds were a UK listed company. #cybersecurity #investigations
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On May 1, 2024, Allen & Overy and Shearman & Sterling merged to become A&O Shearman. Follow our market-leading investigations practice for updates and insights into the latest developments in financial crime and regulatory investigations. Content on this page is general information only and not advice. https://www.aoshearman.com/en/legal-notices
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Updates
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Huddle...it's time for a PEP talk... Concerns have been raised in parliament that banks have not been treating politically exposed persons (PEPs) and their families fairly. A recent FCA review found this was generally not the case but has identified a number of steps firms should take to improve transparency and consistency of customer treatment and to ensure customers receive good outcomes. Annabel Smith shares her top tips in our latest blog post.
UK FCA’s PEP talk: clarifying expectations on the treatment of political exposed persons
aoshearman.com
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Would you spot a coding error in a market abuse surveillance system? In 2022 the UK FCA took enforcement action against three firms and three individuals for market abuse surveillance failings. No one wants the regulator to be the first person to spot a fault in their systems. In this post Oliver Black and Chelsea Auma consider the FCA's latest observations and guidance on how firms can mitigate the risk of running faulty market abuse surveillance systems. #Investigations #FinancialServices #MarketAbuse
Market abuse surveillance: UK FCA shares observations on good and poor practices
aoshearman.com
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In the last 18 months the UK financial regulators have imposed GBP 60million in fines against firms for operational resilience failings. But they would prefer to prevent disruption than to punish firms who get things wrong. To help firms ready themselves for compliance with the new PRA and FCA rules and guidance on operational resilience, the FCA has published its findings from a review of the preparation undertaken by larger firms - which suggests there is plenty of work left to do. Here's our five-point-plan. #Investigations #OperationalResilience #FinancialServices With thanks to Isobel Whitby
Operational resilience feedback from UK Financial Conduct Authority
aoshearman.com
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An NGO has successfully challenged the UK National Crime Agency's (NCA) decision not to open a money laundering investigation into businesses importing cotton into the UK from regions where modern slavery / forced labour are a concern. The ruling in World Uyghur Congress v NCA is of relevance to those involved in all supply chains tainted with suspected human rights abuses, and overturns previous caselaw on how the 'adequate consideration' exemption applies in supply chains. Eve Giles, Brandon O'Neil, Amy Edwards and Bethany Gregory take a look at what the court said, and implications for businesses. #investigations
Landmark UK ruling on money laundering risks in supply chains involving modern slavery
aoshearman.com
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The UK FCA is prosecuting nine influencers in connection with the promotion on social media of an unauthorised foreign exchange trading scheme. These prosecutions come hot-on-the-heels of new FCA guidance on financial promotions on social media and appear to be part of a wider regulatory crack-down on the promotion of financial products on social media. In the U.S. the SEC has already taken action against a number of celebrities and social media influencers for similar offences. Emily Barrett and Nikki Johnstone consider the wider regulatory risks for firms and individuals. #investigations #financialservices #riskandcompliance
Likes to liability: UK FCA cracks down on 'finfluencers'
aoshearman.com
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The UK FCA's Financial Crime Guide is just a guide, it is not law or regulation; but it has been referred to in 44% of Final Notices issued by the FCA to firms for financial crime related failings in the last four years. Which is why we think it is worth taking note of these updates that the FCA proposes to make to the guide. #Investigations #FinancialCrime #FinancialServices
UK FCA Financial Crime Guide consultation: more obligations, or old news?
aoshearman.com
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Ecocide has been introduced as a crime in Belgium. Basil Saen explains what it catches, and considers the international context. #investigations
Ecocide in Belgium: hard-to-prove but still significant as part of an evolving global regulatory landscape
aoshearman.com
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An excellent interview yesterday with Sara Chouraqui of the Serious Fraud Office by Eve Giles, A&O investigations partner, as part of GIR Live. Sara confirmed that the SFO is currently working on refreshing its corporate enforcement policy. Other topics covered include the new reforms to corporate criminal liability, cooperation and the priorities for the SFO. #Global Investigations Review #investigations
SFO working on new corporate cooperation guidance
globalinvestigationsreview.com
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Sharing is caring. Here's what caught our eye in the FCA's business plan for 2024/25, published yesterday. #Investigations #ESG #FinancialCrime With thanks to Zoë Jensen (nee Fuller)
Our top ten enforcement takeaways from the FCA Business Plan 2024/25 (UK)
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