Metro Bank Fined for AMl Breaches

Metro Bank Fined for AML Breaches

The UK’s Financial Conduct Authority has fined Metro Bank £17 million for failing to ensure that an automated system was monitoring compliance with money laundering policies. The system failed to work properly for four years. Concerns were raised by junior staff. In spite of this, it took a further twelve months for the issue to be addressed. Our Regulatory Update webinar will be focusing on the control lessons from this regulatory intervention.

Magic Circle Merger

In a continuing trend, Herbert Smith Freehills is to merge with US law firm, Kramer Levin. The combined firm will be called Herbert Smith Freehills Kramer or HSF Kramer in the US. The combined entity will employ 2,700 lawyers and operate out of 25 offices around the planet. I have always been fascinated by the way legal firms are reluctant to drop the names of the key founders from their brand.

BGC Pursues Fraudsters Assets

BGC, the broker, has brought contempt of court proceedings against a former employee. The firm had successfully sued former tax adviser, Michael Viney, for damages in relation to a £24 million fraud. Viney and an associate had managed to divert payments destined for the tax authorities for personal use. The firm is accusing Viney of failing to disclose £1.26 million in investment and the sale of a Barcelona property.