Compliance & Ethics

In an era marked by geopolitical tensions, technological disruptions, and an increasing focus on sustainable finance, the Joint Committee of the European Supervisory Authorities (ESAs) has released its 2023 Annual Report, highlighting a year of significant cross-sectoral collaboration. The report, issued by the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Securities and Markets Authority (ESMA), underscores their joint efforts in safeguarding the stability and integrity of the European financial sector.

In a speech delivered at the Investment Association Annual Conference 2024, Nikhil Rathi, Chief Executive of the UK's Financial Conduct Authority (FCA), outlined key international regulatory developments affecting the investment management sector. The UK, as the second-largest asset management centre globally, is at the forefront of these initiatives.

Australia's corporate watchdog has outlined three fundamental principles – transparency, accountability, and consistency – as the cornerstone for better compliance by listed entities in an evolving regulatory environment.

The Commodity Futures Trading Commission (CFTC) recently announced it awarded over $4.5 million to a whistleblower who provided detailed information in support of an enforcement action.

The USA's consumer watchdog is taking new steps to rein in financial companies that repeatedly violate the law. On Monday, the Consumer Financial Protection Bureau (CFPB) finalized rules to create a public registry of non-bank firms that engage in illegal practices like predatory lending, deceptive fees and other consumer abuses.

The European Union has adopted a sweeping package of new anti-money laundering (AML) rules aimed at better protecting the bloc's financial system from illicit funds and terrorist financing. The stricter regulations will harmonize enforcement across member states and introduce more stringent requirements for certain sectors.

Toronto-Dominion Bank is racing to overhaul its troubled anti-money laundering controls in the United States, but the costly remediation effort could drag into 2025, executives warned during the bank's latest earnings call.