December 2021 and the x3 banks on the expensive naughty step [£374.5m fines]
03/01/2022
NatWest suffered the indignity of a £264M PENALTY AND CRIMINAL CONVICTION for money-laundering failures. And they take the prize for the most spectacular collapse we’ve seen in years in a bank’s controls department. The saga, almost unbelievably, involved black bin bags stuffed with as much as £700,000 getting through their control systems.
But then HSBC was hit with A £64M PENALTY from the Financial Conduct Authority for “serious weaknesses” in anti-money laundering processes. The FCA found ‘serious weaknesses’ in systems used to monitor possible criminal activity in transactions. For example, in 2011, HSBC realised that the system had automatically rejected every report of suspicious activity from customers in the entire Welsh nation – meaning 1,780 red flags had been missed.
And then Standard Chartered, the Asian-focused but London-listed bank, hit with a £46.5M FINE from the Bank of England’s Prudential Regulation Authority. It’s a thumping penalty in its own right – the biggest imposed by the PRA acting in a solo capacity – and, beyond the dry technicalities of US dollar liquidity reporting requirements, one can understand why the regulator is annoyed. According to the PRA, the problem wasn’t just the size of Standard Chartered’s spreadsheet errors, which in one case amounted to $10bn. It was also the fact that the bank seems to have taken a relaxed view of its obligation to report material mistakes promptly. The delay was four months in one instance.
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.