Ballard Spahr LLP (LexBlog United Kingdom)
4 results for Ballard Spahr LLP (LexBlog United Kingdom)
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The UK Publishes Bill to Update UK GDPR
On March 8, 2023, the U.K. Secretary of State for Science for Innovation and Technology announced the publication of the Data Protection and Digital Information (No.2) Bill. This new version of the Data Protection and Digital Information bill will effectively supersede the prior draft, which was first published in July of 2022. The Bill would...
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UK Regulator Fines Commerzbank London £37.8 Million for AML Violations
FCA Applies Penalty Formulas, Including Thirty Percent Reduction for Early Agreement by Bank U.K. Enforcement System Provides Contrast to More Open-Ended U.S. System On June 17, 2020, the Financial Conduct Authority (“FCA”), the non-governmental financial regulator in the United Kingdom, issued a Final Notice to Commerzbank London (the “Bank”), a branch of the large German...
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UK’s Anti-Money Laundering Laws May Extend to Private Landlords
On April 15, the UK Treasury released proposed steps, entitled a “consultation,” to adopt the EU’s Fifth Money Laundering Directive (“5AMLD”) into national law, while also seeking comments and evidence from stakeholders to inform the final government decisions on adoption of 5AMLD. In certain respects, the exchequer suggests that it might expand the scope of...
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Canara Bank of India Fined $1.2 Million by UK Regulators for Systemic AML Failures
Bank’s Alleged “Tick Box” Approach Failed to Attain Substantive AML Compliance Late last week, the Financial Conduct Authority (“FCA”), the United Kingdom’s financial services regulator, imposed a $1.2 million (896,100 pound) fine on the UK division of India’s Canara Bank, an Indian state-owned bank, and ordered a moratorium on new deposits for nearly five months. ...