Financial Conduct AuthorityRSS

UK’s Financial Conduct Authority fines Sonali Bank for AML fails

UK flag

The UK’s Financial Conduct Authority (FCA) has fined Sonali Bank UK £3.25 million for “serious” anti-money laundering (AML) systems failings. It has imposed a restriction, preventing it from accepting deposits from new customers for 168 days, and fined the bank’s former money laundering reporting officer (MLRO), Steven Smith, £17,900 and prohibited him from performing the […]

UK’s Financial Conduct Authority suffers IT incident on regulatory data system


The UK’s Financial Conduct Authority (FCA) had an IT incident on its online system, Gabriel, for collecting and storing regulatory data from firms. Due to the “unexpected IT incident”, it was unable to implement Taxonomy, which came into effect on 1 October. Those firms who were required to comply with the Capital Requirements Directive […]

UK dark pools looking cool


Firms operating dark pools have made “significant progress” in addressing the promotion and the management of conflicts of interest, according to the UK’s Financial Conduct Authority (FCA). Dark pools are trading venues with no-pre trade transparency where the price and volume of all orders are hidden and anonymous. Andrew Bailey, chief executive of the FCA, […]

Call for blockchain and biometrics boost to UK’s regtech


Blockchain and biometrics could be the way forward for the future of the UK’s regtech industry, according to the findings of the Financial Conduct Authority (FCA). The FCA issued a call for input in November 2015 about the development and adoption of regtech; and more than 350 responses were received. Of that number, 43% were […]

OakNorth Bank heads to the cloud with Amazon


OakNorth says it has become the “first cloud-based bank” in the UK, eight months after launching. The bank, which provides loans of between £1 million to £15 million to “entrepreneurs and fast-growth” businesses, has been working with Amazon Web Services (AWS) and the UK’s Financial Conduct Authority (FCA) for six months on policies related to […]

UK’s Financial Conduct Authority selects Sopra Steria for new regulatory platform

Georgina Philippou, FCA

Paris-based Sopra Steria has been selected by the UK’s Financial Conduct Authority (FCA) to deliver a new digital regulatory market data processing platform in an “exclusive” six-year contract. The new platform will support the FCA’s on-going regulation of firms, as well as encompassing new requirements under the forthcoming Markets in Financial Instruments Directive (MiFID II). […]